City Budget Woes

New York, NY —

The city's financial picture grows dimmer by the day. A report from the Fiscal Policy Institute says more of the city's white collar workers are joining the unemployment rolls.

Earlier this week, city agencies were tasked with finding an additional seven percent in cuts to make up for a surprise shortfall in tax revenue.

Mayor Bloomberg says federal aid would help the city, but he's still not counting on it.

BLOOMBERG: And if it turns out in the end we don't have to do it all on our own that's great, but you can't sit here and wait for 'God will provide.' God helps those who help themselves, and sometimes doesn't even do that.

REPORTER: The mayor has said he wants the city to get its own fiscal house in order before seeking federal aid.

He spoke today on his weekly radio show on WOR.