MAYOR BLOOMBERGS BUDGET CUT

[EliteZero257]

Mayor Michael Bloomberg's executive budget released Friday shows a $4-billion deficit for 2010 -- a huge fiscal gap that he proposed addressing with a city sales tax hike and perhaps more than 20,000 job cuts.

In his presentation Friday, the mayor painted a bleak economic picture, saying Wall Street firms are expected to lose $47.2 billion in 2008 and more this year.

The city is also now projected to lose nearly 300,000 jobs through 2010. About 46,000 will come from the financial sector.

In explaining why cuts in city jobs were on the table, the mayor said "you can only get so much blood out of a stone" through budget cuts and other measures.

The mayor's budget includes a proposed increase in the city sales tax from 8.375 to 8.625 percent.

Bloomberg, who is running for a third four-year term, wants labor unions to agree to reduce the costs of benefits, such as health care and pensions, for future employees.

The nonpartisan Independent Budget Office, in its economic study released earlier this month, showed a $4.3-billion deficit in 2010 that was expected to grow to $7 billion in 2011. The 2010 fiscal year begins July 1.

For months, as the state of both the national and city economy worsened, Bloomberg ordered agencies to craft plans to reduce spending. In December, he asked city agencies to pinpoint cuts reaching 7 percent, or $1.4 billion, for the upcoming fiscal year. That order followed a similar dictum in September, when the mayor told agency heads to slash spending by $500 million immediately and by $1 billion for fiscal year 2010.

In the job cuts that Bloomberg was expected to outline Friday, many positions were expected to result from attrition as the city continues its hiring freeze.

The Associated Press contributed to this story.

[EliteZero257]

Welll once again another 300,000 jobs are going to be lost
this is a great way to enter the new years..
and what the fuck is obama doing?? spending the taxpayer's money on his party in washington..

[mpopro]

U FRIGIN SOB

[B@d wolf]

it keeps getting worse

[EliteZero257]

fucking bloomberg....
my father just called saying hes going to work late tonite for extra dough...and hes going to be laid off from work for 5 weeks after this one..this fucking sucks...i hate NY.. everyone is so full of themselves here...meanwhile mayor bloomberg is at home stuffing himself with steak and obama is wasting money that we pay for everyday

[B@d wolf]

fucking bloomberg....
my father just called saying hes going to work late tonite for extra dough...and hes going to be laid off from work for 5 weeks after this one..this fucking sucks...i hate NY.. everyone is so full of themselves here...meanwhile mayor bloomberg is at home stuffing himself with steak and obama is wasting money that we pay for everyday

i agree

[havoc802]

I changed the pic, the other one was too big for the portal, it moved everything away.

[EliteZero257]

I changed the pic, the other one was too big for the portal, it moved everything away.

thnx havoc lol..
and btw havoc whats ur opinion on this??

[mpopro]

AGAIN what a sob

[MGSfan32]

Fucking sucks!

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