Mayor's new fiscal plan calls for no new taxes despite $3 billion shortfall

Mayor Michael Bloomberg unveiled his $48.3 billion preliminary budget for the 2006 fiscal year Thursday.

Despite a $3 billion budget shortfall, the mayor says there will be no new taxes and city services will be maintained. The plan calls for using Medicaid savings and surplus from this year.

The mayor has also proposed giving another tax rebate for Bronx and city homeowners and eliminating sales tax on clothing costing $110 or less. He said the city's economy continues to strengthen with new jobs being created throughout the city.

Mayor Bloomberg's budget plan must be approved by the City Council before it takes effect on July 1.

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