Bloomberg: U.S. is on cusp of a 'decline'

Mayor Michael Bloomberg says that Americans may be seeing the beginning of a downhill slide.

In his weekly appearance on WOR radio Friday, Bloomberg said the federal government must balance the budget and restore confidence. If it doesn't, he said, "this could be the start of the decline of the greatest superpower, the greatest economic engine ever created."

Bloomberg gave a speech in Washington this week calling on Congress and the president to allow George W. Bush's tax cuts to expire at the end of 2012. He asked them to agree to spending cuts, including entitlement reform.

Bloomberg, who's also a billionaire, said Friday that a tax hike could slow job creation. But he said that would be less important than restoring public confidence. -- AP