Layoffs, union savings proposed in NYC budget

(AP) - New York Mayor Michael Bloomberg is proposing layoffs and other money-saving measures to address the city's budget deficit.

The mayor outlined his plans for the fiscal 2011 budget on Thursday. The next fiscal year begins in July.

Bloomberg's money-saving proposals include layoffs, shuttering four fire engine companies, closing four city pools, slashing library budgets and closing a 24-hour homeless drop-in center.

He also wants to raise commercial parking rates from $2 to $2.50 an hour in midtown Manhattan.

Bloomberg is seeking to bridge a $4 billion deficit for next fiscal year.

He is proposing more than $1.5 billion in savings for this year and next.

To watch Mayor Michael Bloomberg's presentation for the fiscal 2011 budget, go to channel 612 on your iO digital cable box and select iO Extra.

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