Bloomberg: New York doesn’t need to worry about sequestration yet, but then, boom

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Mayor Michael Bloomberg said this morning that New York City won't immediately be affected by the Washington sequester, which is about to go into effect.

"The sequestration thing, any effects on the city?" John Gambling asked Bloomberg during the mayor's regular Friday morning appearance on Gambling's radio show.

"If it lasts a few weeks, no," said Bloomberg. "If it does, yeah. We get 10, 12 percent of our budget from the federal government. Not all of that's gonna be cut back, but there would be effects. Not good effects."

"But in the context of, is anything gonna change tomorrow, or are we gonna run out of money tomorrow ... no," he continued. "These are long-term things, and I think most people assume that in the end, Congress and the president will find some ways to kick the can down the road."

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If nothing is done to "kick the can," the federal government will have to cut spending by $85 billion this year and $1.2 trillion over the next decade.

Bloomberg doen't see that happening.

"It's like having a nuclear bomb," he said. "It may be a great deterrent, but you can't use it, because once you start that, everybody's dead."