Federal funding is less than 10% of public school education funding and if it were reduced or went away, it doesn’t mean that a bunch of kids would just stop having any school.
As I stated above, this greatly depends on your school district. Some schools receive <5% of their funding from the DoE, others receive as much as 75%.
Some of this funding is explicitly for general operations and other funding like that through IDEA is for assisting students with disabilities.
Some of these public schools are already hanging on by a thread and having trouble paying high enough wages to fill positions.
It’s not a mainstream view that we are privatizing the public education system in the United States. It’s just a choice being offered where schools are severely mismanaged that is essentially political because of teacher’s unions.