NEW YORK

Bloomberg, Council Sign Off on $60B Budget

07/17/2009 05:12 am ET | Updated May 25, 2011

Pinched by a recession that has hit New York City's financial services hard, Mayor Michael R. Bloomberg and the City Council reached a deal Monday night on a $59.4 billion budget that would increase the sales tax by half a percentage point while reducing the city's work force by roughly 2,000 jobs.

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