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Bloomberg Calls for Spending Cuts, not Tax Increases

Despite the prospect of losing hundreds of millions of dollars in state funding for education, continuing labor-contract disputes and the cost of rebuilding after Hurricane Sandy, Mayor Michael R. Bloomberg said on Tuesday that there would be no tax increases even as he called for agencies across New York City to find savings.

He cited the improving national economy, the recovery on Wall Street and the city’s increasingly diversified economy as reasons the city was in decent financial shape.

In his final budget proposal after 11 years in office, Mr. Bloomberg said that New York schools could be hit the hardest, mainly as a result of the failure to reach an agreement with the teachers’ union over an evaluation system.

Source: New York Times. Read full article. (link)

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