Yesterday, Secretary of Education Arne Duncan announced a major override of the No Child Left Behind accountability law for schools. Duncan's proposal will mean that states can apply to bypass performance requirements in the law. One of those requirements is that 100 percent students be proficient in reading and math by 2014. Arne Duncan talks about about the overhaul in the law and how it will affect students and schools. (Transcript available after the jump.)

A little over a year ago, the Obama administration and Congress doled out $100 billion in education money via the stimulus package. However, that money is running out, and slowly school districts across the country are having to cut funding and lay off teachers.

We're 'Getting Schooled' this week on the future of education, pre-K through 12, in America. Secretary of Education Arne Duncan joins us to discuss the reforms circulating in Washington right now.

Congress took a potentially transformative step when it devoted $100 billion in the stimulus package to education—the money could revive the reform efforts that began promisingly with President Bush’s No Child Left Behind Act of 2002. Arne Duncan, the U.S. Secretary of Education, joins John with details on how the dollars will be spent.

Click through for the transcript.