Mayor Villaraigosa said on Tuesday that "I think everybody realizes the urgency of our present financial condition. This is a tough time for everyone right now in Los Angeles. We are experiencing an historic economic collapse....This is our new economic reality - a recession that is tearing at the fabric of our communities. A recession that is tearing a gaping hole in our budget and forcing us to take measures unimaginable a few short years ago....This is not a budget that reflects why I ran for office." Here's some of the coverage and reaction.