NEW YORK (AP) — New York City is teetering on the verge of interfering with the free market and alienating employers, Mayor Michael Bloomberg warned Wednesday as he railed against legislation being pushed by the City Council that would boost wages offered by some companies that receive city benefits.

The two bills "are a throwback to the era when government viewed the private sector as a cash cow to be milked, rather than a garden to be cultivated," the mayor said at City Hall before vetoing one of the measures.

"When it comes to creating jobs, government is not the architect of the economy — that's the private sector's job. Government is the steward," said Bloomberg, a billionaire businessman who was himself a New York City employer for years as he built up the financial information services company that carries his name.