Phoenix to cut as much as $250 million from budget

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Phoenix faces budget cuts

PHOENIX -- The nation's financial crisis is hitting Phoenix hard.

The city of Phoenix is preparing to cut as much as $250 million from its operating budget with most departments seeing cuts of 30 percent.

There are no specifics yet on how they plan on cutting costs although they acknowledge that job cuts and layoffs are likely inevitable.

Over the next couple of months individual departments along with the City Council will make recommendations for proposed cuts. In January, city management will then present a proposed budget for the City of Phoenix.