It appears that those teenagers running D.C. have continued to avoid making real decisions and blared their Hoobastank a little too loudly for Mayor Bloomberg's taste, so Hizzoner gave a speech at the Center For American Progress this morning to straighten things out. "For too long, Washington has operated on the 'something for nothing' principal," Bloomberg said. "Spending money we don't have seems to be about the only thing the two parties can agree on." His solution for the Budget Supercommittee? Let the Bush tax cuts expire for everyone, close tax loopholes for the financial industry, and end farm and energy subsidies. more ›

2011 continues to be the Year of the Tightening Belt, as Mayor Bloomberg announced yesterday that city agencies will be forced to cut 2% of their yearly funding to plug a $600 million hole in the budget. more ›

The Independent Budget Office of the City of New York released a five page report [pdf] yesterday projecting that beginning next year, the City will face a serious fiscal crisis when it runs a deficit of $3.1 billion. By 2011, that budget shortfall could more than double, to $6.3 billion. The projections merely take into account current trends in New York City and don't factor in the possibility of a widespread national recession. more ›