Reading First, part of the 2001 No Child Left Behind Act, seeks to lift reading achievement by encouraging the use of reading programs that have been scientifically proven to work. Reading First, which accounts for just 2 percent of federal education spending, is helping many districts to achieve promising results--including Richmond, Virginia, where test scores have risen dramatically. But negative publicity stemming from recent reports by the Department of Education's Office of Inspector General could put Reading First under a cloud when NCLB comes up for Congressional reauthorization. That would be tragic for millions of children at risk for reading failure. To see clearly what's at stake in the reauthorization battle, the Manhattan Institute gathered a panel of experts on the science of reading instruction. As their luncheon speaker, U.S. Secretary of Education Margaret Spellings then discussed the prospects for reauthorization of No Child Left Behind. This paper presents a transcript of their discussion. (Contains 5 figures.) [This bulletin is adapted from a transcript of a Manhattan Institute forum held in New York City on May 22, 2007.]