The San Jose Mercury News described the speech as a "dire talk," with Reed asserting massive layoffs unless city employees agreed to concessions in their pay and benefits.
Here's Reed putting the city's dilemma in stark terms, as he sees it, saying, "There is no more money. The well is dry. The $445 million we're spending on public safety this year, is more than we will receive in revenues from the property tax, the sales tax, the utility tax, and phone tax combined."
Full text of the speech here.