The mayor of New York has caused a major political upset by asking for a law preventing him from running for re-election to be overturned.

Billionaire businessman Michael Bloomberg is due to stand down from Bush addresses September 11 mourners ...
Bloomberg and Gates fight smoking ... the high-profile job after his second term in office at the end of next year.

But he said the financial crisis on Wall Street and his record as mayor meant he deserved the chance to re-run.

Voters have approved previous moves to limit officials to two terms in office.

Rumours that Mr Bloomberg would reverse his previous support for term limits and try to run again had been swirling around City Hall for weeks.

But in what looks like a co-ordinated effort, the powerful speaker of New York City Council, Christine Quinn, said she would introduce legislation early next week.

Twice during the 1990s, voters voiced their support for limiting city politicians to just eight years in office.

The council has the power to change the rules, and given that many members are approaching the end of their own second four-year terms, it looks likely that the mayor will get his way.

'Enormous challenges'

At a press conference, Mr Bloomberg denied that backroom deals had been made, and said the economic downturn was the main factor.

"Given the events of recent weeks, and given the enormous challenges we face, I don't want to walk away from a city I feel I can help lead through these times," he said.

"If the voters don't like what they've seen they will vote for someone else, and that's as it should be."

Mr Bloomberg changed his party affiliation earlier in the year from Republican to Independent, and even toyed with the idea of entering the presidential race during the contentious primary election season.

His business background and strong management of the city's services have translated into consistently high approval ratings, and so far, a majority of voters seem to like the idea of keeping him in office for another four years.

A city council vote on whether to allow the measure to pass is likely to take place later this month.

(BBC)

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