New York, NY —

A huge excavating machine was lowered into a tunnel on the Far West Side today where it will eventually start cutting an extension for the Number Seven subway line.

Mayor Bloomberg says, even in a down economy, the two billion dollar project was a good investment for the city.

BLOOMBERG: Not only will the construction related jobs it produce create the kind of real economic stimulus we've been hearing about so much about lately. It will also lay the ground work for our city's future growth.

REPORTER: The mayor says the project is not eligible for economic stimulus funding. He says the city has already sold bonds.

The Number Seven extension is expected to open in 2013, and spark development on the Far West Side.