Mayor Michael Bloomberg unveiled a five-point plan Thursday that is designed to get New Yorkers through the city?s current economic crisis.

Bloomberg outlined his new economic initiative during a City Hall news conference. It includes plans to relax tax deadlines for some property owners, strengthen small businesses, create jobs and extend programs that will fight hunger in all five boroughs. As a part of the plan, the administration will also use $24 million in federal grants to turn foreclosed homes into affordable housing for low-income families.

The mayor hopes to launch a campaign aimed at educating people about debt. He also hopes to create a Web site for unemployed financial workers that will provide job listings, education resources, career advice and health insurance assistance.

In an effort to rein in spending, the mayor has ordered city agencies to slash budgets by 2.5 percent this fiscal year and another 5 percent the following year. According to experts, New York City?s deficit in 2009 is expected to be at least $3 billion.

?We can be fiscally responsible,? Bloomberg said. ?We can deal with declining tax revenue and at the same time we can provide the kind of services that New York citizens need.

To watch Mayor Bloomberg's news conference detailing his economic plan, go to channel 612 on your iO digital cable box and select iO Extra.