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NEW YORK - The Navy's cancelled this year's Fleet Week, saying federal budget cuts left officials no choice.

The event, started in 1984, honors the Navy, Marine Corps and U.S. Coast Guard and brings thousands of service members and their families to New York City each Spring.

Thousands of service members on ships from Hampton Roads have made the annual trip to the Big Apple.

'The Defense Department has to decide where they're going to deploy their resources and I don't think that we should get in the way of making the decision for them of what's needed to keep you and I safe,' said Mayor Michael Bloomberg.

It's estimated the Fleet Week celebration costs about $10 million and is thought to bring in twice that much revenue to New York City.

The Navy said it hopes Fleet Week returns next year.

The decision is just the latest cancellation because of federal budget cuts. For Hampton Roads, this year's Air Power over Hampton air show and the NAS Oceana air show have been cancelled.

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