It's Official: Bloomberg Goes For Threepeat

As I've been predicting here for the last year, tomorrow Michael Bloomberg will officially announce his intention to overturn NYC term limits in order to run for a third term as mayor.

In an act that promises to upend New York City’s political world, Mayor Michael R. Bloomberg plans to announce Thursday that he will seek a third term as mayor, according to four people who have been told of his intentions.

Mr. Bloomberg, whose second term ends in 2009, is barred by law from running for re-election. So he will propose revising the city’s 15-year-old term limits law, which restricts him and dozens of other elected leaders to two four-year terms, those people said.

In his appearance on Thursday, they said, Mr. Bloomberg, a former Wall Street trader and the founder of a billion-dollar financial data firm, will argue that the worldwide financial crisis — with its potentially severe impact on New York City — demands his steady hand and business experience.

The decision to challenge the term limits law, which was twice approved by New York voters, represents a remarkable about-face for Mr. Bloomberg. He has repeatedly said he supports such constraints on elected leaders, dismissed the idea that anyone is indispensable, and once called an effort to revise the limits “disgusting.”

Bloomberg staffers say he will propose a one-time execption to the term limit law that will limit incumbents to a third term only. A permanent repeal of the law would require a ballot measure and the deadline to place a new item on this November's ballot has already passed.

Two-thirds of NY's city council members are due to be term-limited out of office next year, most are expected to leap on this chance to stay in office and approve the change. Presumed 2009 mayoral candidates City Controller William Thompson and openly gay City Council Speaker Christine Quinn are now both expected to sit out next year's election in the face of Bloomberg's overwhelming popularity. Quinn has long been considered the heir-apparent to Bloomberg's office, despite a major financial scandal earlier this year.

The New York Times will be publishing an editorial endorsing the suspension of term limits. The NY Post and Daily News have already done so and both have endorsed Bloomberg for a third term.