It includes paying up front for capital projects and nudging the mayor and labor leaders to reform pension benefits.
Excepts from the speech:
"I propose that we begin paying for a portion of our capital budget up front. We'll make a commitment that as our finances improve, we'll steadily increase the amount we pay out of pocket - until we're investing a billion dollars a year, instead of borrowing that billion dollars and leaving our kids with the bill."
"It's clear that New York City needs pension and benefit reform. Many factors have combined to create these long-term strings on the city budget. There is no single cause, nor any single group that bears all the blame. But if we want to have money to invest in a safe and livable city - if we want to avoid a tax burden that stifles economic growth 0 and if we want to safeguard the retirements of the hard working public servants of today - then our current pension and benefit structure is simply not sustainable. I urge both the mayor and our city's labor leaders to be equally open to negotiating and making fair and responsible changes to meet the difficult challenges ahead."
UDPATE: There's also this line:
"Now Mayor Bloomberg has proposed a more traditional way to lower our debt cots - a 20% cut to capital spending. That kind of across the board cut comes with serious consequences - and I simply cannot support it."