Though there's a "tentative deal" for President Bush's proposed economic stimulus plan in D.C., Mayor Bloomberg thinks it's a bad idea. During a speech last night (accepting an award from the U.S. Conference of Mayors), he outlined why the package was a problem. From the NY Sun:
The $145 billion proposal being negotiated centers around the idea of providing several hundred dollars in tax rebates to individuals and families in a bid to spur the economy — a plan that Mr. Bloomberg said could "modestly benefit Americans" but would not "make a huge difference" overall because of the enormous deficits the government has already run up.
"We can't borrow our way out of this problem. The jig is up," the mayor said in a 20-minute speech at the National Building Museum. "It's time to start getting our house in order once and for all, which I believe starts with a simple idea: making decisions based on the business cycle instead of the election calendar."
And who better to do that an a successful billionaire businessman as President, hmm? Bloomberg also touted his success in getting the city's finances on track and suggested spending money on infrastructure (New Deal-style) to spur job growth as well as "financial counseling and subsidized loans for people trapped in bad mortgages."
And speaking of money, right now, the Mayor is proposing the new budget for the 2008-2009 fiscal year; so far, he wants to make cuts into pretty much every agency, due to the "likelihood of a recession."
