White House slashes NY anti-terrorism funds amid buzz Obama will meet with NYPD Times Square heroes By Michael Mcauliff DAILY NEWS WASHINGTON BUREAU Originally Published:Wednesday, May 12th 2010, 7:23 PM Updated: Wednesday, May 12th 2010, 11:07 PM WASHINGTON - Eleven days after the botched plot to bomb Times Square, the Obama administration on Wednesday slashed some $53 million from the city's terror-fighting budget. "For the administration to announce these cuts two weeks after the attempted Times Square bombing shows they just don't get it and are not doing right by New York City ," fumed Sen. Chuck Schumer (D-N.Y.). To top it off, the news arrives as President Obama comes to town today amid buzz he will meet with the very cops who helped thwart the bombing. Obama will also be tapping the city's deep pockets for the Democratic Party. "The President seems more interested in raising money for political campaigns than providing New York the money it needs to defend itself against Islamic terrorism," said Rep. Pete King (R-L.I.), the top Republican on the Homeland Security Committee. The cuts, to be announced today, target the annual allocations for transit and port security, legislators said.