I was looking at the amended version of the 2009 recovery act and it includes a section about the Pell grant.
For an additional amount for `Student Financial Assistance' to carry out subpart 1 of part A of title IV of the Higher Education Act of 1965, $13,869,000,000: Provided, That such funds shall be used to increase the maximum Pell Grant by $281 for award year 2009-2010, to increase the maximum Pell Grant by $400 for the award year 2010-2011, and to reduce or eliminate the Pell Grant shortfall: Provided further, That these funds shall remain available through September 30, 2011.
Of course the act has to pass. Plus I have seen numbers in previously passed bills and acts that say one thing then end up not being what actually gets budgeted for the Pell (the 2008-2009 maximum was supposedly going to be $4800 but in reality ended up as $4731).
I imagine financial aid officers are wishing they would announce what it is actually going to be pretty soon.