New York Mayor Bloomberg proposes $68.7 billion budget - New York News

New York Mayor Bloomberg proposes $68.7 billion budget

NEW YORK (AP) -

New York City Mayor Michael Bloomberg is proposing a $68.7 billion city budget that avoids a drop in the number of city teachers while cutting back on city-sponsored child care and other services.

Bloomberg presented his budget proposal Thursday and has two months to negotiate a final version with the City Council.

Bloomberg says hard times for Wall Street firms are responsible for much of an unexpected shortfall that he would plug with a $466 million settlement.

About half the 52,000 children in city-sponsored after-school programs serving low-income neighborhoods would lose their spots under the proposal. Council Speaker Christine Quinn says restoring more than $125 million to those programs and to child-care initiatives is a negotiating priority for her.

The mayor says he, too, is concerned about the program cuts.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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