Mayor Bloomberg outlines new economic plan

Mayor Michael Bloomberg unveiled a five-point plan Thursday that is designed to get New Yorkers through the city?s current economic crisis. Bloomberg outlined his new economic initiative during a City

News 12 Staff

Oct 30, 2008, 11:21 PM

Updated 5,734 days ago

Share:

Mayor Michael Bloomberg unveiled a five-point plan Thursday that is designed to get New Yorkers through the city?s current economic crisis.
Bloomberg outlined his new economic initiative during a City Hall news conference. It includes plans to relax tax deadlines for some property owners, strengthen small businesses, create jobs and extend programs that will fight hunger in all five boroughs. As a part of the plan, the administration will also use $24 million in federal grants to turn foreclosed homes into affordable housing for low-income families.
The mayor hopes to launch a campaign aimed at educating people about debt. He also hopes to create a Web site for unemployed financial workers that will provide job listings, education resources, career advice and health insurance assistance.
In an effort to rein in spending, the mayor has ordered city agencies to slash budgets by 2.5 percent this fiscal year and another 5 percent the following year. According to experts, New York City?s deficit in 2009 is expected to be at least $3 billion.
?We can be fiscally responsible,? Bloomberg said. ?We can deal with declining tax revenue and at the same time we can provide the kind of services that New York citizens need.
To watch Mayor Bloomberg's news conference detailing his economic plan, go to channel 612 on your iO digital cable box and select iO Extra.


More from News 12
1:36
Official: 2 children, adult killed in West Orange house fire

Official: 2 children, adult killed in West Orange house fire

2:07
STORM WATCH: Rain showers, humid conditions and possible flooding in New Jersey

STORM WATCH: Rain showers, humid conditions and possible flooding in New Jersey

0:37
Police: Missing Connecticut teenager located in New Jersey

Police: Missing Connecticut teenager located in New Jersey

0:18
Hillsborough police: Man burned in homemade firework explosion

Hillsborough police: Man burned in homemade firework explosion

0:46
Police: Shooting, 2 stabbings reported within 6 hours earlier this week in Atlantic City

Police: Shooting, 2 stabbings reported within 6 hours earlier this week in Atlantic City

0:21
Prosecutor: East Hanover man sentenced to 15 years in prison for killing wife

Prosecutor: East Hanover man sentenced to 15 years in prison for killing wife

1:57
Stop & Shop to close 10 ‘underperforming’ locations across New Jersey

Stop & Shop to close 10 ‘underperforming’ locations across New Jersey

1:45
Police: Driver faces charges for striking man in hit-and-run road rage incident in Fair Lawn

Police: Driver faces charges for striking man in hit-and-run road rage incident in Fair Lawn

1:52
AT&T security breach hits nearly all cellular customers and landline accounts

AT&T security breach hits nearly all cellular customers and landline accounts

1:16
Prosecutor: Bergen County pastor charged with 21 counts of sexual offenses against teen

Prosecutor: Bergen County pastor charged with 21 counts of sexual offenses against teen

3:06
Jury ends first day of deliberations in Sen. Bob Menendez's corruption trial without a verdict

Jury ends first day of deliberations in Sen. Bob Menendez's corruption trial without a verdict

0:33
Jersey Proud: Jamesburg police ‘ticket’ children performing good deeds

Jersey Proud: Jamesburg police ‘ticket’ children performing good deeds

0:47
Point Pleasant Beach officials at odds with company over 5G cell towers

Point Pleasant Beach officials at odds with company over 5G cell towers

1:41
Heavy rain causes flooding in parts of southern New Jersey

Heavy rain causes flooding in parts of southern New Jersey

2:21
Ruptured pipe causes raw sewage to pour into Red Bank storm drains

Ruptured pipe causes raw sewage to pour into Red Bank storm drains

1:59
Coach USA cutting 20 NJ Transit bus routes in North Jersey

Coach USA cutting 20 NJ Transit bus routes in North Jersey

0:32
East Brunswick teen accused of plotting to destroy energy facilities to advance white supremacist views

East Brunswick teen accused of plotting to destroy energy facilities to advance white supremacist views

0:13
Sailor saved from capsized sailboat in Barnegat Bay

Sailor saved from capsized sailboat in Barnegat Bay

0:40
United Airlines flight from Miami to Newark diverted after passenger fights with flight attendant

United Airlines flight from Miami to Newark diverted after passenger fights with flight attendant

0:28
Fairfield police release new surveillance photos of missing 16-year-old

Fairfield police release new surveillance photos of missing 16-year-old