NYC mayor orders more spending cuts

New York Mayor Michael Bloomberg is plunging hisknife back into the budget and ordering all city agencies to slashspending by another 7 percent for next year.

The move comes a monthafter he already proposed unpopular cuts and tax hikes amid a grimeconomic slowdown.

Bloomberg's budget director has warned agency heads that taxcollections in November were even lower than forecast.

Agency heads are required to submit spending reductions to themayor's budget office by Dec. 22. The plans must identify cuts toreach a 7 percent reduction by July.

The 7 percent reduction equals about $1.4 billion citywide.

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