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The same evening, City Hall sources said that teachers and fire companies will be spared from layoffs and closure, and the State Senate passed legislation that will allow a new class of cabs to legally pick up passengers in Upper Manhattan, Bronx, Brooklyn, Queens and Staten Island.

According to a statement released by Mayor Michael Bloomberg's office, the new taxi plan will generate hundreds of millions of dollars for the city over several years, including new revenue for the Metropolitan Transit Authority. In total, 30,000 new cabs and 1,500 more yellow cabs will be added as part of the plan.

Some yellow cabbies protested the plan, saying it would hurt their bottom line.

The Metropolitan Taxicab Board of Trade called the bill's passing a "terrible mistake" and will ask for Governor Andrew Cuomo to veto it.

However, the Taxi Workers Alliance is onboard after concessions were made to enforce the new rules and protect yellow cabs.

In the meantime, City Hall sources have said that there will be no teacher layoffs in the new budget.

Additionally, the 20 fire companies on the chopping block are expected to be spared, as well.

A news conference with Mayor Michael Bloomberg and City Council Speaker Christine Quinn could be happening later tonight.

Previously, the mayor had proposed laying off as many as 4,000 teachers. Today’s deal will include hundreds of layoffs for other city workers to save the city about $269 million, though it’s unclear where those cuts will arise.