http://news.yahoo.com/s/nm/20081023/...york_bloomberg NY council extends term limit so Bloomberg can run NEW YORK (Reuters) â€“ The New York City Council voted on Thursday to extend the two-term limit for mayor and other elected officials, allowing Mayor Michael Bloomberg to seek another term to help the city cope with the deepening global financial crisis. Bloomberg, a former Wall Street trader and self-made billionaire who was elected in 2001 and again in 2005, wants to run again on grounds that his financial experience will be valuable in guiding the city through lean fiscal times ahead. The 51-member council voted 29 to 22 to approve the measure. About two-thirds of the council would have been forced out of office under the two-term limit, but they can now stand for a third term at the November 2009 election. "It's a vote and a choice that's a difficult one, but it's one we take at a difficult time," Council Speaker Christine Quinn told reporters before the vote. "In a time like this what you need is New Yorkers to have the opportunity to have consistent leadership," she said. In 1993 and 1996, New Yorkers voted to limit the mayor and other city officials to two four-year terms. A Quinnipiac University poll on Tuesday found 89 percent of voters say a referendum, not a council vote, should decide the issue. Bloomberg and Quinn rejected holding a referendum on the issue. A court challenge by two council members to stop the vote failed on Wednesday. "Democracy will be forever tainted," Council Member Charles Barron said as he voted against extending the term limit. Former Mayor Rudolph Giuliani sought to stay on when his second term was ending in 2001 after the September 11 attacks. But his proposal proved unpopular, and he backed down.