Oliver Staley & Molly Peterson:

Education Secretary Arne Duncan plans to spend a record $5 billion to transform U.S. schools by rewarding states for innovation, providing merit pay to teachers and creating a national scorecard to identify failing schools.
The Education Department has already distributed $44 billion of its $100 billion in stimulus funds to stave off the firing of teachers, Duncan said yesterday in an interview in Washington. An additional $5 billion will be given as an incentive to states that are “fundamentally willing to challenge the status quo,” he said.
Duncan, 44, the former head of Chicago’s public schools, said the retirement of 1 million teachers in the “next couple of years” gives the U.S. an opportunity to attract and retain a new generation of educators. He said he plans to enlist President Barack Obama and First Lady Michelle Obama to help recruit teachers, and then reward the newcomers for working in struggling schools and districts.
“Talent matters tremendously,” Duncan said. “If we can bring in this next generation of extraordinary talent, we can transform education, and our ability to do that over the next couple of years will shape education in this country for the next 25 or 30 years.”