UPDATE: The Iowa House passed this bill on a party-line vote on Friday, and Culver signed it the same day.

Democratic state legislators are rushing to pass a bill that will allow Iowa to apply for a federal education grant of up to $175 million. The application is due on Tuesday, and Monday is Martin Luther King Jr. day, so Governor Chet Culver needs to be able to sign the bill this weekend.

The Iowa Senate approved Senate File 2033 on Wednesday. Senate Education Committee Chair Becky Schmitz summarized key provisions relating to the “Race to the Top” grant:

Specifically, the legislation before you today will:

   *     Remove the cap and repeal date for charter schools in Iowa.  Currently, Iowa Code has a 20 charter school cap and a repeal date for all charter schools on July 1, 2011.  […]

   *     Allow schools to develop Innovation Zone Schools and Consortiums -This legislation adds innovation zone schools and consortiums to the ways that schools districts can foster innovation in more schools.

Senate Republicans voted against this bill, and House Republicans will do the same when it’s considered today. They want to see Iowa relax current restrictions on who can operate a charter school. Additionally, they argue that it’s unwise to apply for one-time federal funds to support ongoing education expenses. The GOP talking point of choice is to call this bill “Race for the Cash.”

Republicans also claim the bill would shift authority toward “union bosses” because of provisions that are not directly linked to the federal grant application. More on that story is after the jump.