Gov. David Paterson unveiled a bill Thursday that aims to improve New York's chances of receiving $700 million in Race to the Top funds.

Since the introduction of the Race to the Top in 2009, states have worked feverishly to conform with its eligibility standards -- each hoping to reap a portion of the fund's $4 billion in competitive grants.

To improve New York's chances, Paterson's bill would eliminate the cap on charter schools, allow the State to fund charter development, take student performance into consideration in teacher tenure decisions, and empower the Board of Regents to take control of low-performing schools.<!--more-->

The Race to the Top's stated purpose is to reward states that spearhead innovative education reforms, but opponents argue that it focuses too heavily on supporting the charter school model, to the detriment of the public school system and its largely union-affiliated teacher population.

According to The New York Times, Michael Mulgrew, president of the United Federation of Teachers, stated Thursday that without major revisions to Paterson's bill, he would  fight any increase in the cap on charter schools.

The governor said in a statement that the Race to the Top funds, "will benefit all of our children, not just those who attend charter schools.”

Race to the Top applications are due on Jan. 19; Paterson's bill must be passed five days prior to this deadline to be signed into law.

Do you think New York is racing in the right direction? What education reforms should federal funding support?