The City Council Speaker announced that "legislation to alter the city's term limits law would be introduced on Tuesday (10/7), paving the way for Mayor Michael R. Bloomberg and other elected officials to stay in office four more years."
"The legislation the mayor backs would extend term limits to three four-year terms from two for all citywide elected officials - mayor, comptroller and public advocate - as well as the five borough presidents and the 51-member City Council"
"Voters have twice approved the term limits, and (City Council Speaker) Quinn had previously said she was opposed to undoing the voters' will."
"Mayor Bloomberg...said that the economic crisis facing the city presents challenges more grave than those New York confronted in the aftermath of the Sept. 11 terrorist attacks."
"If re-elected, Mr. Bloomberg, a longtime Democrat who became a Republican to run for mayor in 2001 but declared himself an independent last year, would be only the fourth mayor in the city's modern history to serve a third term."