NEW YORK (AP) — Already faced with a spate of budget cuts, New York City is preparing for another round of belt-tightening to plug a massive shortfall.

Mayor Michael Bloomberg's office asked city agencies to prepare for up to $500 million in additional budget cuts as New York confronts a bleaker-than-expected financial picture.

A preliminary budget plan from Bloomberg last month had ordered agencies to cut spending between 7 percent and 26 percent. Additional cuts of up 7.5 percent were ordered Monday.

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Bloomberg's initial proposal was designed to plug a projected budget deficit of $4.7 billion. But the Independent Budget Office released a report Monday saying that even if each element of his proposed budget is approved, the city would still face a $397 million shortfall.

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