NEW YORK, NY January 25, 2008 —Hiring hundreds of new teachers may have to wait and the whole municipal workforce has to do more with less. And, don't spend what you think you might get in property tax relief just yet.

The mayor's budget workbook had just 3 charts to layout the good economic news, but it took 11 charts to depict the impacts of what may be the onset of a significant national economic slowdown.

The mayor's decision in past years to salt away billions in surpluses to cover future budget gaps helped the city dodge a deep fiscal crisis this year. The mayor was quick to point out major deficits lay ahead well into his successor's first term.

For now, the mayor's top priority is making the case in Albany that legislators should restore the between $400-$500 million in state aid the city was counting on to help give stressed homeowners some property tax relief.

For WNYC, I'm Bob Hennelly.