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Mayor Michael Bloomberg, however, said the measure is not fair.

"Three hundred some-odd thousand dollars, twice mind you, that pays the salaries of about 4,000 cops or 4,000 teachers," said Bloomberg.

Teachers and students could also get hit hard.

Paterson wants to cut nearly $300 million from city schools and delay millions more coming from a settlement in an education lawsuit.

Bloomberg said that means fewer teachers and larger class sizes. Robert Jackson, the chairman of the city council's education committee, said he is outraged.

"Our children have been shortchanged for decades and we need to make sure the state provides enough education to ensure our kids get an adequate education," said Jackson.

Bloomberg has already called on city agencies to make painful cuts. Next up, he said, could be layoffs.

Still, he credited the governor for taking action and said it isn't all gloom and doom for city coffers -- including a new pension plan for future public employees that would move up the minimum retirement age and require employees to work longer before collecting pensions.

"We just have to do something about our pension costs which are so out of control," said Bloomberg.

Unions are blasting the idea and the city council would have to agree to allow uniformed workers' pensions to be altered which could prove to be a big hurdle.

Meanwhile, the budget negotiations between the mayor and city council continue.

The two sides are wrangling over sending out $400 rebate checks to homeowners, increasing property taxes and adding more police officers to the streets.

One thing all sides can agree on though is the idea of tough times, tough choices for both the state and the city.