This paper examines the fiscal impacts on public schools of some of the federal aid proposals under consideration by Congress. The four major discussion sections focus on (1) an outline of the overall analytic framework, including a conceptual model of federal, State, and local relationships; (2) a brief presentation of the theoretical analysis on which the statistical work is based; (3) the calculation results of the impacts of various aid alternatives pertaining to local school districts and States; and (4) a discussion of the overall policy implications, especiall y with respect to the two most widely discussed federal aid alternatives--general revenue sharing and direct federal aid to school districts channeled through the States. (RA)