With New York City facing tougher times in the face of Wall Street turmoil, Mayor Michael Bloomberg yesterday presented a preliminary budget for fiscal 2009 that calls for across-the-board agency cuts but that doesn’t scale back on capital spending or bond issuance.

Total expenditures in fiscal 2009 would shrink to $58.5 billion from $60.36 billion in the current fiscal year, under the proposed budget.

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