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Surrounded by his lieutenants, City Council Speaker Christine Quinn, and several council members at City Hall, Bloomberg announced a number of initiatives to help New Yorkers weather the economic storm.

The mayor said the uncertain economic times will be met with a strong response and smart management.

"The current economic downturn will in all likelihood not end quickly or painlessly," said Bloomberg.

He said the city's plan revolves around keeping jobs while creating new ones, providing aid for small businesses, maintaining home ownership, helping struggling families fix their finances, and ensuring that children receive proper nutrition and medical care.

The mayor vowed to go ahead with large investments in the city's infrastructure, spending billions over the next few years on schools and hospitals while creating thousands of construction jobs.

Other initiatives include allowing homeowners of properties worth $250,000 and less to pay taxes once a quarter instead of twice a year, providing services for laid-off financial workers, and creating a loan fund for small businesses and non-profit groups.

He said he's confident the city can maintain low crime rates and strong services while still planning for the future.

"We can be fiscally responsible," said Bloomberg. "We can deal with declining tax revenues and, at the same time, we can continue to provide the kinds of services that New Yorkers need."

"If you don't pay for infrastructure, you pay for it many, many times down the road," continued Bloomberg.

The mayor also wants to expand programs giving New Yorkers legal and financial counseling to help them in their homes and rearrange their finances.

"This announcement won't solve all of New Yorkers' problems but we hope it solves some of their problems," said Council Speaker Christine Quinn.

City officials will also set up a website to help laid-off Wall Street workers receive work.

"We got to do everything we can to keep them here, to keep them employed or in school," said Kathryn Wylde of Partnership for NYC.

City Comptroller Bill Thompson estimated that 165,000 jobs could be eliminated over the next two years.

The city is projected to have a $3 billion budget deficit next year.

"Given all that we're hearing, it's hard to believe that things won't be worse than anticipated last spring," said Ronnie Lowenstein of Independent Budget Office.

Bloomberg has ordered city agencies to cut spending by 2.5 percent this fiscal year and 5 percent next year in his updated budget address next week.