DENVER (AP) -- Colorado is among 16 finalists in the national cmpetition for millions of dollars in federal education funding, the only Western state to make the first cut.

The announcement Thursday by the U.S. Department of Education means Colorado officials will get to go to Washington later this month to make their case for why the state should win "Race to the Top" funding.

There's no guarantee Colorado will win any of the $377 million it has applied for, either in the first round or the second round later this year.

Lt. Gov. Barbara O'Brien has downplayed the chances of winning in the first round, believing that only three or four states would win. She says it's harder to rate Colorado's chances now because the group of finalists is bigger than expected.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

_________________________________________

Original story

DENVER (AP) -- Colorado is waiting to hear whether it will make the first cut in the national competition for millions of dollars in federal funding for education reform.

Colorado has applied for $377 million from the Obama administration's Race to the Top program and is competing against 40 other states and the District of Columbia.

Finalists announced Thursday will go to Washington later this month to make their case for why they should win. A first round of winners will then be picked. States that don't win can apply for the second round later this year.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

(UPDATE -- Ed. note: Colorado remains in the first cut. Virginia has been eliminated. Click here to read an update.)