A Bloomberg 3RD Term??

NYC mayor wins fight to extend term limits

NEW YORK (AP) -- Arguing that New York needs his financial skill to guide it through the crisis on Wall Street, Mayor Michael Bloomberg persuaded City Council to amend the term-limits law Thursday so that the billionaire independent can run for re-election next year.

By a 29-22 vote, the council agreed to allow officeholders three consecutive four-year terms. Existing law limits them to two terms, and Bloomberg's second is up at the end of 2009.

The vote dramatically alters the city's political landscape. Many would-be mayoral candidates are expected to drop out of the race rather than run against a popular incumbent with unlimited cash to spend. Bloomberg founded the financial news service that bears his name and is worth an estimated $20 billion.

The former CEO was first elected as a Republican in 2001, while smoke was still rising from the ruins of the World Trade Center; he later became an independent.

Bloomberg's announcement three weeks ago that he would try to rewrite the term-limits law led to a bruising debate - and a politically damaging one for the mayor, who had previously backed the term limits law and even vetoed a 2002 bill to amend it, saying it was an attempt by politicians to change the rules for personal gain.

Scores of New Yorkers came to testify during 20 hours of council hearings, and a poll found that registered voters overwhelmingly disapproved of the plan.

After the vote, Bloomberg issued a statement praising the council for acting to "give the people of New York a fuller choice" next year. He said the city must turn its focus to softening the fallout from the financial downturn.

He was not present for Thursday's vote, but as he left City Hall shortly afterward, a group of protesters chased him to his SUV, shouting that he was a "sellout."

"You're disgusting!" they yelled. The mayor's face was red as he silently got into his car, surrounded by aides and his security detail.