Such a financial hit could force the city to cut thousands of teachers from the school system.
During his weekly radio show, Mayor Michael Bloomberg said the possible cuts to city schools would be revealed next week when Governor Andrew Cuomo unveils his first budget proposal.
If the billion dollar cut becomes reality, the mayor estimated the city would be forced to cut 15-thousand teachers, mostly through layoffs.
That would be on top of plans already made to cut six thousand teachers beginning July 1, 2011.
