Uphill battle for college aid bill

May 30, 2012 8:47:20 PM PDT
The California state Assembly Wednesday approved a bill providing almost $1 billion in financial aid for middle class college students, but funding for the plan has yet to pass.

For families with annual incomes below $150,000, the bill would cut tuition at California State University campuses by $3,700 per year and at University of California campuses by $7,000 per year.

The money to pay for it would come from changing the state's formula for taxing out of state companies doing business here. But the funding measure hasn't been debated yet and faces stiff opposition from Republicans, who call it a tax hike.