San Francisco Mayor Gavin Newsom proposed a local economic stimulus plan this week and said his staff is preparing budget cuts to keep the general fund balanced as the economy slows.

Newsom proposed accelerating bond-funded capital programs, such as the city’s $887 million rebuilding of its public hospital and renovations at San Francisco International Airport, increasing efforts to recruit businesses from China, and a new Tourism Improvement District that would raise $27 million a year from hotels to market the city and improve the Moscone Convention Center.

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