WASHINGTON -- President Barack Obama wants to see 5,000 failing schools close and reopen with new principals and teachers over the next five years.

Education Secretary Arne Duncan said kids have only one shot at a good education. He told The Associated Press on Monday that chronically underperforming schools need a new start.

The administration wants to spend $5 billion to facilitate school turnarounds, which could translate to $1 billion for every school that is closed and reopened. Much of the money is already approved: The federal school turnaround program gets about $500 million a year, and the stimulus legislation boosted funding to $3.5 billion. Obama proposed last week to add another $1.5 billion. The various school districts themselves would have to actually order schools closed.

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