NEW YORK (CBS 2) — New Yorkers need to get ready to tighten their belts.

Mayor Bloomberg was reportedly set to announce up to $1.75 billion in budget cuts  for next year.

According to the Wall Street Journal, those cuts would go into effect in January. The paper said the mayor did not specify what areas would face the budget ax.

The announcement was set for later this week.

The City was trying to close a $3 billion budget gap.

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