Mayor Michael Bloomberg called on the Congressional deficit-fighting "supercommittes" to take bold action on balancing the budget — claiming business leaders won't invest or rehire until they are reassured Washington is handling the deficit.

"For too long, Washington has operated on the 'something for nothing' principle," Bloomberg said at the Center for American Progress in Washington, D.C. on Tuesday. "Both parties have promised their constituents the world - and given them debt and a sluggish economy and anemic job growth."

The mayor called on the supercommittee to compromise and come up with a proposal by their deadline of November 23.

Bloomberg called on Republicans to let the Bush-ear tax cuts expire at the end of 2012 and said Democrats, "have to face the reality that we need more spending cuts, including reasonable entitlement reform."

"Let's not screw it up," he said.

With the Associated Press