Main

Sections

Features

Choose Your Region

Be the first to know

Topics you care about, straight to your inbox

Your email address

Main

Sections

Features

Default

Be the first to know

Topics you care about, straight to your inbox

Your email address

Gloomy Bloomberg raises fiscal red flag

(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

News 12 Staff

•

Jul 29, 2008, 9:52 PM

•

Updated 5,841 days ago

Share:

(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.
More from News 12
1:48
NYPD: 2 women wanted for assaulting, robbing woman at bodega on Grand Concourse

NYPD: 2 women wanted for assaulting, robbing woman at bodega on Grand Concourse

1:42
Sunny and warm weather with lower humidity for the weekend in the Bronx

Sunny and warm weather with lower humidity for the weekend in the Bronx

1:40
Nearly 300 probationary firefighters join the ranks of FDNY

Nearly 300 probationary firefighters join the ranks of FDNY

0:57
Hundreds of Bronx residents pick up fresh food at Morrisania food pantry

Hundreds of Bronx residents pick up fresh food at Morrisania food pantry

1:54
Firefighters respond to basement fire in Kingsbridge

Firefighters respond to basement fire in Kingsbridge

1:47
Volunteers come together to clean up local green space, call on NYC officials for more cleaning efforts

Volunteers come together to clean up local green space, call on NYC officials for more cleaning efforts

1:32
DOB issues demolition order at Bronx warehouse destroyed in fire

DOB issues demolition order at Bronx warehouse destroyed in fire

1:20
Dominican Dance Group RT to participate in this weekend's Bronx Dominican Day Parade

Dominican Dance Group RT to participate in this weekend's Bronx Dominican Day Parade

0:33
Police make arrest in weekend fatal hit-and-run on the Bruckner Expressway

Police make arrest in weekend fatal hit-and-run on the Bruckner Expressway

0:24
Ice Spice's new album Y2K now available

Ice Spice's new album Y2K now available

0:27
NYPD: 46-year-old man found dead inside his home in Concourse Village

NYPD: 46-year-old man found dead inside his home in Concourse Village

2:14
Tremont Store inspected for illegal cannabis, according to state’s sheriff’s office

Tremont Store inspected for illegal cannabis, according to state’s sheriff’s office

2:04
Boar’s Head deli meat recalled for potential listeria contamination

Boar’s Head deli meat recalled for potential listeria contamination

1:44
The Real Deal: How to save on expenses amid rising costs in New York

The Real Deal: How to save on expenses amid rising costs in New York

1:27
Baychester residents say trash covers their neighborhood

Baychester residents say trash covers their neighborhood

1:36
Students set to receive OMNY cards with more rides and less restrictions

Students set to receive OMNY cards with more rides and less restrictions

1:38
NFL hosts day of play in Castle Hill

NFL hosts day of play in Castle Hill

1:57
Badly parked e-scooters cause mayhem in Pelham Parkway

Badly parked e-scooters cause mayhem in Pelham Parkway

1:29
Officials: Slashing at shelter hospitalizes 2 people

Officials: Slashing at shelter hospitalizes 2 people

1:14
New lawsuits filed against Gov. Hochul's congestion pricing plan pause

New lawsuits filed against Gov. Hochul's congestion pricing plan pause