Obama Slashes NYC Terror $, Then Bails Out Greece?

Lawmakers Stunned By Development; Congressman King Calls Move A 'Slap In The Face To New York'

NEW YORK (CBS) ― 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.

"At the port, same thing -- anti-nuclear detection devices are very, very important because God forbid a nuclear device would be placed in a container on a ship and exploded in our harbor, it's the worst nightmare imaginable," Sen. Charles Schumer said.

Last week, Mayor Michael Bloomberg was in Washington making his case for increased Homeland Security funding.

And this week he was in London researching the so-called "Ring of Steel" -- security cameras he'd like to duplicate here.

On Wednesday night he said he wasn't aware of the new cuts, but was clearly annoyed by the news when CBS 2 HD told him.

"You're telling me something … as far as I know the government has not put out the numbers yet, so I can't really comment until I see the numbers," the mayor said.