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Bloomberg Lays Out Plan For Balancing National Budget

NEW YORK (CBSNewYork) -- Mayor Michael Bloomberg said the deficit-fighting supercommittee in Congress must make bold steps to balance a the nation's budget.

LISTEN: 1010 WINS' Stan Brooks reports


On Tuesday, Bloomberg said the supercommittee must act immediately to come up with a blue print for the balance. He said we need bold action and we need it now.

"What we need from the supercommitte isn't a plan that tinkers around the edges," he said. "We need a bold, long-term and comprehensive plan that will stabilize a federal budget that is hemorrhaging money and put us on the path of long-term economic growth and stability."

Bloomberg said more government or consumer spending and further tax cuts won't fix the economy.

LISTEN: WCBS 880's Rich Lamb reports


"Real deficit reduction means more jobs today and more jobs tomorrow," he said. "But real deficit reduction requires something else -- real political courage and that unfortunately is the biggest deficit we face."

The supercommittee has to come up with legislation by Nov. 23 that would slash deficits by at least $1.2 trillion over the next decade.

Bloomberg said Democrats must accept cuts in health care and social security and that Republicans must allow the George W. Bush's tax cuts to expire at the end of next year.

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