Bloomberg Calls for Healthcare Trust Fund

New York City's books are balanced. That according to Mayor Bloomberg in his latest budget address. The mayor says he feels the city's economic footing is stable enough to create a trust fund to pay health benefits for retired city employees.

REPORTER: Yesterday, he proposed setting aside $2 billion dollars over the next two years to ease those costs long term. Diana Fortuna, of the Citizens Budget Commission, says setting up the fund is the right move for the city's future.

FORTUNA: I think what he's doing on the health insurance trust fund is terrific, he's an unusual politician and he's proving it here today but putting the city's long-term interests ahead of short-term political gain.

REPORTER: Democratic City Council Speaker Christine Quinn, responding to the mayor's budget proposal, said she favored the trust fund idea but was eager to learn the specifics.