Grim economic update likely from BloombergPosted: Updated:
(AP) - Mayor Michael Bloomberg is expected to presenthis plan to address the city's growing budget gaps as the economicpicture worsens by the day.
Bloomberg has been hinting that layoffs, spending cuts and taxhikes are likely to bridge what independent analysts say is a $4billion deficit for the fiscal year that begins in July.
The mayor asked all city agencies last month to submit plans forcutting spending, even after he already announced $500 million incuts for this fiscal year. Those included a round of layoffs,delays to the next class of firefighters and police officers, plusa property tax increase.
Deputy Mayor Ed Skyler says municipal unions will have to pitchin, meaning the mayor likely wants pension reform and more employeecontributions on health care.