Cities: Costly Cheer

New York City officials last week were thumbing a volume that had 3,276 pages, weighted 34 Ibs. and was 6½in. thick. But New York City's 1961-62 budget, the granddaddy of all city spending plans, all boiled down to one big fact: the city is being asked by its mayor to spend $2,542,120,936 in the fiscal year beginning in July, exactly $189,062,426 more than this year. City Hall cynics dubbed it the "something-for-everybody budget."

Mayor Robert Wagner, with up-for-re-election-year cheer, had announced the neat trick of balancing this budget with no increase in tax rates and no new taxes.

Real estate will...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!