Mayor Bloomberg’s budget plan aims to close $4.9 billion gap

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New York Mayor Michael Bloomberg announced a 2011 preliminary budget plan that seeks to close a $4.9 billion deficit, saying the plan would avoid tax increases and lower spending by $1.6 billion. “New Yorkers continue to feel the harsh impact of the deepest national recession in more than 60 years, and as many businesses and families continue cutting back on their budgets, so too must city government,” said Mr. Bloomberg in a statement Thursday. The Big Apple’;s travails are shared nationwide, as mayors across the country grapple with the hefty costs of running cities coupled with a downturn in government aid and tax revenue. Full story: Mayor Bloomberg’s Budget Plan Aims to Close $4.9 Billion Gap – WSJ.com