NY Mayor Bloomberg Set to Announce Third-Term Bid

The NY Times is reporting that New York Mayor Michael Bloomberg will announce his decision to seek a third term as mayor on Thursday, which would constitute a radical about-face for Mr. Bloomberg, as he has been an ardent supporter of term limits for elected officials.

Bloomberg would have to overturn existing laws that prevent him from seeking re-election, a move he is expected to make through legislation in City Council.

After months of speculation about his political future, Mayor Michael R. Bloomberg plans to announce on Thursday morning that he will seek a third term as mayor, according to three people who have been told of his plans.

The extraordinary move promises to upend New York City’s political world.

Right now, Mr. Bloomberg is barred by law from seeking re-election. But he will propose trying to revise the city’s 15-year-old term limits law, which would otherwise force him and dozens of other elected leaders out of office in 2009, the three people said.

In his announcement, Mr. Bloomberg, a former Wall Street trader and founder of a billion-dollar financial data firm, is expected to argue that the financial crisis unfolding in New York City demands his steady hand and proven business acumen.

The move represents an about-face for Mr. Bloomberg, who has repeatedly said he supports term limits and once called an effort to revise the law “disgusting.” He will apparently try to do so through legislation in the City Council, rather than the ballot box.

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