Although Bloomberg claimed the precipitous drop was prompted by declining tax revenues, all signs show that the city's tax revenue actually increased at an unexpectedly positive pace during July, August and September, and the city collected at least $200 million more than it had expected.
The New York financial community certainly would favor another Bloomberg term, thinking he would be able to help rebuild Wall Street, but others have dimmed to the idea of another term simply because citizens weren't given an open vote on the change of the term limit law. - Gerald Magpily
See story from The New York Times
Did billionaire entrepreneur turned politician Michael Bloomberg exaggerate the dire financial condition of New York City to sway the City Council to allow him to run for a third term as New York City mayor? A New York Times report seems to think so. The report cited unnamed sources inside the Bloomberg administration along with Deputy Comptroller Marcia Van Wagner who feel
that the mayor's claim of a $500 million increase in the city's budget deficit is an overstatement. 
