Bloomberg unveils budget plan; claims city's economy has rebounded

Mayor Michael Bloomberg unveiled his preliminary budget for 2007 Tuesday and states that the city's economy has rebounded to where it was before the September 11th attacks.

The mayor says unemployment is just under 6 percent, which is the lowest it's been since 2000. In addition, he says Wall Street revenue is back to where it was prior to 9/11. Now, Bloomberg says he wants to prepare for the city's long-term financial needs and adds that the short-term financial outlook is stable.

Mayor Bloomberg did admit that people still need to be concerned with budget gaps but feels his proposed budget will address the needs of the city.

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