NEW YORK (CBSNewYork) – For nearly an hour and a half, Mayor Michael Bloomberg revealed his nearly $70 billion preliminary budget.

It slashes overall spending by $1.5 billion.

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WCBS 880’s Rich Lamb On The Mayor’s Proposal

“I’m happy to say it has no tax increases, no layoffs of teachers or uniformed workers, and no walking away from out long-term investments,” said Bloomberg Thursday.

“The business community is going to be very gratified the mayor can come out with a budget that has no new tax increases and, in fact, will continue New York City’s economic growth,” said Partnership for New York City CEO Kathryn Wylde.

She heaps praise on the mayor and the City Council for saving during the good years to prepare for tougher times.

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“This is the kind of budget that I think is going to restore confidence, maintain confidence in the city of New York. We’re on a solid track. I think that this going to resonate with business and with the people of the city,” Wylde told WCBS 880 reporter Rich Lamb.

The City Council must now pass the budget before it can be enacted.

While there are no layoffs of teachers or uniformed employees contemplated, the mayor said that this year, for the first time in history, the city will pay more in pensions and benefits than it does in salaries.

“Right now, our pension system is fairly described, I think, as a ticking time bomb,” said Bloomberg.

The mayor added that he is working with Gov. Andrew Cuomo’s office to defuse that bomb.

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