New York City Mayor Michael Bloomberg backed off from deep cuts in the city’s 10-year capital plan in his preliminary fiscal 2012 budget released Thursday.

In a nod to a political ally and expected 2013 mayoral candidate, Bloomberg called for a 10% reduction in the city’s capital strategy after his budget director urged a 20% reduction to slow the growth of debt service. The 10% reduction excludes water and sanitation projects.

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