New York City narrowed its projected 2013 budget deficit to $2 billion from $4.6 billion through agency spending cuts and $1 billion in revenue from new taxi medallion sales, according to Mayor Michael Bloomberg.
New York Mayor Michael Bloomberg endorsed Republican U.S. Senator Scott Brown of Massachusetts for re-election against Elizabeth Warren, a Democrat and Harvard Law School professor who helped create the federal Consumer Financial Protection Bureau.
New York City officials are calling on investment bankers to help find ways to extract more revenue from city assets, including its parking meters and garages, real estate and infrastructure, while reducing costs.
Science Applications International Corp., the contractor hired to overhaul payroll systems for New York City agencies, agreed to pay $500.4 million under a deferred-prosecution agreement to resolve claims that it conspired to defraud the city.