The political landscape in school finance has undergone significant changes in the United States in recent years. It was only a generation ago that the state government assumed the primary funding responsibility in public schools, public agencies at the state and local level "monopolized" service delivery, and many reform initiatives did not consider student achievement as the key measure of accountability. In recent years, rising public demand for educational accountability has changed the political context. This paper will revisit the political underpinnings of school finance. The paper will discuss the policy tensions that are exemplified by several current issues, including the changing role of the federal government, outcome based accountability, and the emergence of adequacy in redefining funding equity in education. Discussions on these policy tensions will focus on the key actors, how decisions are made, and the issue of who gets what.