Mayor Says City Employees Should Survive Wall Street Fall

New York, NY —

Mayor Bloomberg says there's no telling how far Wall Street might fall, but he thinks the city can weather the storm with a combination of spending cuts and, possibly, property tax increases.

BLOOMBERG: I don't think we will get to the point of layoffs. I don't think that the cuts that we have to make to get this budget in balance are gonna be of te magnitude that we have to layoff people.

REPORTER: The mayor also voiced support for the $700 billion bailout proposal. He says that failure to act would instantly destabilize global financial markets. But he criticized calls from some in Congress to impose limits on executive pay.

Bloomberg made his comments during an appearance with former president Bill Clinton ahead of the opening of the Clinton Global Initiative.