Bloomberg plans to seek re-election by rewriting term limit law.

On Thursday, New York City Mayor Michael Bloomberg reportedly plans to announce that he will be seeking a third term, arguing that “the financial crisis unfolding in New York City demands his steady hand and proven business acumen.” The New York Times reports:

The move represents an about-face for Mr. Bloomberg, who has repeatedly said he supports term limits and once called an effort to revise the law “disgusting.” He will apparently try to do so through legislation in the City Council, rather than the ballot box.

Mr. Bloomberg’s gambit carries significant political risk. The city’s term limits law was passed twice by voters, in 1993 and 1996, and several polls show widespread popular support for keeping it in place. Under the plan Mr. Bloomberg has outlined to associates, those voters will have no say in the matter, raising the possibility of a backlash.

After 9/11, Rudy Giuliani also considered running for a third term, citing national security concerns. The Albany Project has more.

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