NYC Budget Tests Mayor's Bonds with Wall Street

Mayor Bill de Blasio presents the 2015 city budget at City Hall on May 8, 2014 in New York City.

New York City sells bonds to fund everything from schools to sewer systems. Investors like them because they come with tax exemptions and steady payments. And ratings agencies are giving the city's latest round of bonds good grades. But as Mayor Bill de Blasio's administration plans to spend more money to cover labor contracts and new programs, some investors are questioning whether the city’s IOUs are still a good deal.