<i>Analysis:</i> Mayor Nutter Looks At The Year Ahead

PHILADELPHIA (CBS) – Now entering his fourth year in office, Mayor Michael Nutter is looking ahead at a big year especially on the financial front.

As he first told KYW's Mike Dunn weeks ago, Michael Nutter has re-affirmed that he will run for re-election. He adds that he is confident of no new taxes, but at the same time wary of the condition of the city's financial partners:

"Our big fears right now actually are from some external partners that we depend on. The Commonwealth of Pennsylvania has a significant deficit estimated at upwards of $5 billion. The federal government, President Obama and the congress, now all the attention is focused on the deficit by the federal government. Those two entities could come at us from either direction and really start to squeeze the city of Philadelphia if they take actions that have a financial implication for us."

Like many people in the region, Mayor Michael Nutter is reaching out to Governor-elect Tom Corbett. The issue being continued state financial support so he can keep his promise of no new taxes:

"I said very directly to Governor Corbett that we have to work closely, we're all together in this. He has challenges, we have challenges, the federal government has challenges; so we're going to have to work together. I spent a lot of time in Harrisburg, working with the governor and the general assembly. There's been a change, of course, in the House with it going from Democrat to Republican control as well."

Listen to extended interview:

Reported By Special Contributor Larry Kane, KYW Newsradio.