Bloomberg reportedly to seek 3d term

He had backed NY term limits

Mayor Michael Bloomberg is expected to cite the nation's economic situation. (reuters)

NEW YORK - Mayor Michael Bloomberg has decided to try to reverse the term-limits law he had long supported so he can seek a third term next year and help the city emerge from financial turmoil, a person close to the mayor who has been briefed on the matter said yesterday.

Bloomberg made the decision over the weekend and will announce it tomorrow, according to the person, who spoke on condition of anonymity because the announcement has not been made. The person said the mayor has been wrestling with the decision for a couple of months.

The billionaire former CEO will cite the nation's precarious economic situation as the reason that New York needs a tested financial manager to stay and guide the city, the person said.

The mayor, who founded the multibillion-dollar financial data firm Bloomberg LP, is reported to be worth an estimated $20 billion.

News of Bloomberg's decision was first reported by The New York Times.

The mayor would be going against his own prior support of term limits, as well as polls that show the public supports them.

When Bloomberg vetoed a measure in 2002 that would have extended the terms for some officials, he said the proposal was wrong because it amounted to changing the rules for personal political gain. In recent months, however, the Democrat-turned-Republican-turned-independent hinted that he would be willing to reverse his position.

Bloomberg's change of heart comes amid the nation's worst financial emergency since the Great Depression. The turmoil has dealt a serious blow to the city's economy, which relies heavily on Wall Street profits for its tax base.

The crisis had led at least one major supporter of term limits to support a third term for Bloomberg.

The New York Post reported yesterday that billionaire cosmetics heir Ronald Lauder, who spent millions on the referendum that led to the enactment of the two-term limit in 1993, was willing to make a onetime exception so Bloomberg could run again.

"I've been reading that Mayor Bloomberg might be interested in serving a third term," Lauder told the Post. "Because of the unprecedented times, this is welcome news. To me, Mayor Bloomberg's brilliance in the financial sector, particularly Wall Street, would be invaluable."

Bloomberg spent millions and won reelection by 20 percentage points in 2005.