Mayor: More job cuts needed to balance LA's budget

Villaraigosa told a Los Angeles Area Chamber of Commerce luncheon Thursday that the reductions will need to be in place by the next fiscal year to replenish the reserve fund and maintain a good credit rating.

The proposed cuts come on top of the 1,000 jobs he targeted for elimination last week.

Councilman Richard Alarcon says the cuts would lead to a "dramatic" loss of city services and will require city officials to consider stopping hiring new police officers.

Villaraigosa says the city needs to eliminate a $212 million shortfall before July 1 and close a $484 million gap in next year's budget.