Last month, Bloomberg announced his plan to seek a third term [NYT report], arguing his financial expertise and business background is necessary to lead New York through the rough financial times caused by the credit crisis. To seek re-election, Bloomberg introduced a council resolution to extend mayoral term limits from two to three 4 year terms. The current term limits were enacted in 1993 by city-wide referendum and upheld in 1996 again by referendum [NY Times report]. Critics argue Bloomberg's resolution overturns a decision by popular referendum with a council vote that requires only a simple majority to pass.
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