NEWYORK-BUDGET/
By Joan Gralla
NEW YORK, June 27 (Reuters) - New York City Mayor Michael Bloomberg on Monday defended his credibility after retracting his latest threat to lay off thousands of teachers after reaching a cost-saving deal with the union and education department.
More than 4,000 teachers' jobs were saved because the teachers' union, the United Federation of Teachers, accepted around $60 million of savings, Bloomberg told reporters. The Department of Education came through with cuts worth tens of millions dollars more.
But 1,000 city workers still will lose their jobs through attrition or layoffs, one of several ways the mayor and the City Council on Friday agreed to close a multibillion-dollar deficit for the new $66 million budget starting July 1.
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