New York City Mayor Bill DeBlasio has responded to a Fox News story claiming his city may be headed for�bankruptcy.

The Democratic Mayor tweeted: “New York City�s credit rating just increased for the first time in a decade. We saved $1 billion in February and are on track to save $750 million more in April. Jobs have reached a record high of 4.5 million. Unlike�@FoxNews, numbers don’t lie.”

However, Fox News reports that Economists see potential dire signs.

�The city is running a deficit and could be in a real difficult spot if we had a recession, or a further flight of individuals because of tax reform,� Milton Ezrati, chief economist of Vested, a financial communication agency, told the New York Post. �New York is already in a difficult financial spot, but it would be in an impossible situation if we had any kind of setback.�

The Post reported that long-term debt is now more than $81,100 per household in New York City.

Mayor DeBlasio wants to add $3 billion more in the new budget to the current $89.2 billion.

New York City�s credit rating just increased for the first time in a decade. We saved $1 billion in February and are on track to save $750 million more in April. Jobs have reached a record high of 4.5 million.

Unlike @FoxNews, numbers don't lie. pic.twitter.com/hqJWg9ykP7

— Mayor Eric Adams (@NYCMayor) March 12, 2019

De Blasio has detailed $750 million in savings for the preliminary fiscal 2020 budget, while Gov. Andrew Cuomo�s preliminary budget has $600 million in city cuts in the coming year, the news outlet reported.

�New York City could go bankrupt, absolutely,� said Peter C. Earle, an economist at the American Institute for Economic Research. �In that case, the city would get temporary protection from its creditors, but it would be very difficult for the city to take on new debt.�

NYC FACTS:

• New York state � and city � are ranked No. 1 nationwide in state and local tax burden.
• Property taxes, almost half of the city�s revenue, are rising faster than any other revenue source � squeezing businesses and forcing homeowners, already hit by federal property tax deduction changes, to relocate to lower-tax states.
• The top 1 percent of New York City earners pay some 50 percent of Big Apple income tax revenue.

READ MORE: The New York Post