MYFOXNY.COM – In his “State of the City” address , New York City Mayor Michael Bloomberg warned that more spending cuts are needed close multi-billion dollar budget shortfalls in the city budget.
“Because of unfunded mandates and pension benefits, we face multi-billion dollar deficits for years to come. And there is no magic wand to make them disappear. There is no rabbit left to pull out of the hat. And there is no windfall coming from Albany or Washington this year,” Bloomberg said.
Bloomberg said that tax increases are not the answer. He says shrinking the costs of government is the answer and says pension reform is his number one priority moving forward.
Full Story: Mayor Bloomberg Warns Of More Budget Cuts