Mayor Says It’s No Time for a Spending Spree

New York City will end the fiscal year this June with a more than four billion dollar surplus.

REPORTER: But Mayor Bloomberg says the city needs to set most of it aside to address budget gaps that start in 2009.

BLOOMBERG: I think everybody in this room, everybody in this city should have a smile on their faces we're doing the right thing. But just because you're doing the right thing doesn't mean you should throw all caution to the wind and go out there and say we did what was right but now lets go and wine women and song... No.

REPORTER: Council speaker Christine Quinn wants to add $61 million to the mayor's budget, spending it on tax credits to renters, expanded library hours, and more preschool services. The mayor says he's willing to negotiate with the council, but says nobody is going to get everything they want.