Gloomy Bloomberg paints dismal economic picture

NEW YORK - (AP) - Mayor Michael Bloomberg says the Big Apple will be 2.3 billion dollars in the red next fiscal year.

In response, Bloomberg says the city will slash spending 5.6 percent and delay some capital projects.

The mayor says that even if he rescinds a 7 percent property tax cut approved a year ago, the city will still face budget shortfalls of more than $5 billion in fiscal 2011 and 2012.

One huge factor -- the billions being lost on Wall Street, which drives the city's economy.

Meanwhile, Gov. Paterson Tuesday called an emergency legislative session to discuss the fiscal woes.

advertisement | advertise on News 12

Trending Video

Residents are concerned about the safety of items 1 The Buzz: Safety concerns in wake of 8-year-old boy's death
Kevin Reilly, 8, died after a heavy planter 2 Vigil remembers 8-year-old killed by fallen planter box
News 12 asked viewers what they thought about 3 Hudson Valley Talks Trump: First 100 days
A kid from the Bronx is one of 4 Actor from the Bronx stars in '13 Reasons Why'
In honor of National Superhero Day, News 12 5 Word on the Street: Superheroes

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE