Mayor Offers Gloomy Forecast

BLOOMBERG: New Yorkers must pull together. We're going to do that. Every city agency must push each dollar further. We're going to do that. Doing that involves making hard choices that won't be popular with everyone, or perhaps anyone.

HOST: From education and housing to police and parks, Mayor Bloomberg's latest round of cuts may spare no one. And tax breaks? Forget about it. The mayor says he has to eliminate the popular $400 property tax rebate checks that were supposed go out this Fall. And a seven percent property tax hike could kick in six months earlier than expected. Erik Enquist, senior reporter at Crain's New York Business has been following the story and joins us now.