Obama Slashes NYC Terror $, Then Bails Out Greece?

It's been just 11 days since the Times Square terror attack, but on Wednesday afternoon the White House announced plans to slash millions of dollars used to fight similar plots.

Since the botched car bombing, it's been security scares and suspicious packages one right after another.

Now, New Yorkers' fear is turning into frustration and outrage.

In 1975, a cash strapped New York City received this harsh headline from Washington: "Ford To City Drop Dead."

Less than two weeks after an attempted bombing in Times Square officials are reacting to word of deep cuts to the city's Homeland Security funding as if they, too, had been told to "drop dead."

"It's an absolute direct slap in the face to the people of New York," said Rep. Peter King, R-Long Island.

The city will take a $42 million cut for mass transit security -- down 27 percent from last year.

Officials said measures like extra patrols on trains and chemical and biological weapons detection systems may have to wait.

Port security will also take a big hit.

New York will lose $11.2 million in port security funds, down 25 percent from last year, jeopardizing more security initiatives. Read more...

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