At a cost of $1 billion per year, Reading First was a pillar of the Bush administration's "No Child Left Behind" act. Already mired in a textbook scandal, the latest findings might be the knock-out punch for this plan. A study conducted by the US Department of Education's Institute of Education Sciences (IES) demonstrated virtually no difference in students' standardized test scores from those schools that received funding than those that did not.
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http://www.usatoday.com/news/education/2008-05-01-reading-first_N.htm
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