CBS Money Watch: NYC mayor proposes $68.7 billion budget

Bloomberg presented his budget proposal Thursday and has two months to negotiate a final version with the City Council.

Bloomberg says hard times for Wall Street firms are responsible for much of an unexpected shortfall that he would plug with a $466 million settlement.

About half the 52,000 children in city-sponsored after-school programs serving low-income neighborhoods would lose their spots under the proposal. Council Speaker Christine Quinn says restoring more than $125 million to those programs and to child-care initiatives is a negotiating priority for her.

The mayor says he, too, is concerned about the program cuts.