Apparently, today's a bad day to be the richest and most powerful person in New York City. In the wake of last night's not-as-big-as-predicted victory over Democrat Bill Thompson, the press has decided that Mayor Bloomberg's easy days are behind him. The Times thinks that for the first time in years, the mayor "finds himself governing New York City from a most unaccustomed vantage point: Vulnerability" — a fact that "could have profound implications for the tenor of a third Bloomberg term, not least that it is likely to hinder the mayor’s well-honed ability to cow Democrats and liberal interest groups."

The Post points out that upon taking keeping office, Bloomberg will need to resolve a $5 billion budget shortfall before July 1 while working with a City Council inhabited by a handful of new, and not necessarily compliant, members. Keeping watch of the Mayor will be Public Advocate-elect Bill de Blasio — whose primary duties will involve castigating the Bloomberg administration and proving that his position deserves to exist. "You'll see a lot of strong voices as checks and balances," promised de Blasio. "It will be a very different experience than what he experienced the last eight years."

Nonetheless, Bloomberg — who spent at least $157.27 per vote compared to Thompson's $13.12 — seems to be in good spirits for someone who just shelled out $100 million to buy something he already owns: "Did it cost a lot? Yes, it did. But take a look in New Jersey: Jon Corzine spent $40 million and did not win." And the media mogul considers his 5 percent victory big enough: "I don't think the margin of victory was narrow. The Yankees win, whether they win in four, five, six or seven, it's Number 27 - that's all that matters, okay?"