James Finelli

The mayor came into office on a very ambitious affordability agenda.

And some of his biggest promises were to build more affordable housing and to expand universal childcare and to create a free city bus service.

But all those things come with big price tags.

But there has been a bright spot already.

His administration has been able to find savings.

They are projecting...

higher tax revenue from Wall Street bonuses, higher than they previously thought.

So they think that they'll be able to shrink that budget deficit from $12 billion down to $7 billion.

And more importantly, the mayor is seeking to get state lawmakers to approve some tax increases.

One, he wants to tax millionaires at a higher rate.

And two, he wants to increase the tax rate on corporations.