Statue of Liberty

A 26-year tradition comes to a halt in New York City, as the U.S. Navy says budget cuts are to blame for the cutting of this year's Fleet Week.

FOX News Radio's Jeff Monosso reports from New York City:

Fleet Week cost the U.S. Navy upwards of $10 million last year, but because of budget cuts, known as sequester, New Yorkers - and tourists - get to suffer.

(Woman in NYC) "It's a very unfortunate thing.  We should be honoring our military, not cutting their budget.  We should be doing more things to show our appreciation for what they've done."

Officials say the impact to the city's economy could be a loss of about $20 million.  Mayor Bloomberg's office saying they understand the Navy's budgetary limitations, but hope the Fleet Week tradition can continue in 2014.

Meantime, local military events planned for Memorial Day Weekend are still a go...for now.

In New York, Jeff Monosso, FOX News Radio.