The plan was initiated by former Mayor Rudy Giuliani in 2001 at an estimated price tag of $2 million, but Bloomberg has since cut that to $500,000 because of the fiscal crisis.
Only 110 defibrillators have been placed throughout the city, said Frank McCarton, a spokesman for the Office of Emergency Management. He said he isn't sure how many more will be installed.
The focus on defibrillators was renewed after two students collapsed and died at city schools this week.
James Oddo, the City Council Republican leader, said he understands the city is in serious financial trouble, but "the mayor has talked about a commitment to public safety, and this is really no different than any other public safety issue."
A state law required all schools to have defibrillators by Dec. 1, 2002. But last month Schools Chancellor Joel Klein requested an extension.