The number of Naval vessels participating in New York City's Fleet Week will be severely cut this May due to federal budget cuts.
The Navy announced Thursday it was following "Department of Defense guidance that no branch of the Armed Forces can participate in community events that come at an additional cost."
Spokeswoman Beth Baker told the Wall Street Journal the event costs the Navy $7 million to $10 million.
Coast Guard cutters and helicopters also won't be participating.
The city couldn't provide a "sophisticated analysis" of Fleet Week's impact but said it contributes tens of millions of dollars to the local economy.
The mayor's office says it'll work with the Navy "to see how we can continue."
Parades and other events honoring the military are expected to be held.
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