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Mayor Michael Bloomberg's office says the city lost $15 billion in 2008 and could lose another $28 billion this year if the pension funds drop 20 percent as officials fear.

City officials say the city will have to come up with nearly $8 billion in extra pension contributions through 2016 -- and those payments would continue another nine years to pay off the debt.

Experts report this could lead to major tax hikes, as well as cuts in city employment.

The mayor is pushing for a bill to cut future costs by requiring new city employees to work 25 years instead of 20, and to wait until age 50 to start collecting their pensions.

The move is facing stiff opposition from labor unions.