New York City's tax revenues will fall by nearly $2 billion in the next fiscal year as the city sheds a net 59,400 jobs and the local economy slips into recession, according to a report by the New York City Independent Budget Office.

"While we expect the city to enter the recession later than the rest of the country, the local downturn is expected to be longer, with recovery not occurring until the second half of 2009," the report stated.

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