Mayor Michael Bloomberg said New York City needs to cut its budget by about 2.5% in the current fiscal year and by 5% in fiscal 2010, according to published accounts. Bloomberg will present a revised financial plan Wednesday that will include 500 layoffs.

The revised plan “has required major revisions in light of the recent financial upheaval,” deputy mayor for operations Edward Skyler said in a statement. “It will require sacrifice from every city agency and in some senses, every New Yorker. But we need to take these painful but necessary steps now; delaying the inevitable will only make it worse.”

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