New York Mayor Michael Bloomberg has announced that his city does not have the tax revenue needed to continue paying some 6,000 of its teachers. –ARK

The New York Times:

Mayor Michael R. Bloomberg said Friday that he intended to eliminate 4,100 teaching jobs through layoffs, and about 2,000 through attrition, the first significant layoffs of teachers since the fiscal crisis of the 1970s.

The job cuts are part of Mr. Bloomberg’s effort to slice an additional $400 million from various city agencies. He needs to plug a multibillion-dollar deficit in his $65.6 billion spending plan for the fiscal year that begins July 1. That budget is about the same size as the current one.

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