One of this area's grandest New Year's traditions may become a victim of the nation's financial meltdown.

Because of escalating city budget cuts, the Mummers parade in Philadelphia could be shortened, or even cancelled. An answer could come Thursday after a meeting between the city and the organization.

According to the Associated Press, The city has told the Mummers it can only contribute $300,000 this year. The Mummers say they are concerned about their costs.

Doug Oliver, a spokesman for Mayor Michael Nutter, says talks went well Wednesday and he's optimistic.

Oliver says he believes the parade could be shortened to six-and-a-half hours and still run its whole route at a cost of $347,000. He says the city needs an answer from the Mummers by Thursday, two weeks before New Year's Day, to allow time for preparation.