Mayor Don Guardian says he cannot agree to huge tax reductions sought by the owners of Trump Taj Mahal, which puts a long-shot plan by billionaire Carl Icahn to buy and save the casino and its 2,800 jobs into real jeopardy.

Atlantic City Mayor Don Guardian told The Associated Press he cannot agree to the massive tax rollbacks, which are a key component of what Trump Entertainment resorts and Icahn are demanding in return for pumping $100 million into the casino to keep it open. Guardian told the AP, "given the difficult economic situation in Atlantic City, we are not in a position to accept these requests." Trump Entertainment Resorts declined to comment on the mayor's decision.

Earlier Monday, news broke that Carl Icahn is considering spending $100 million to save Trump Taj Mahal, but that offer had huge strings attached to it, like big givebacks from the casino workers' union, steep tax breaks from Atlantic City and county, and $25 million in funds from CRDA.

Unite Here Local 54 president Bob McDevitt said the proposal would cut total compensation to workers -- many of whom earn $12 an hour -- by 35 percent. McDevitt told the AP, Icahn is "seeking to take advantage of the Atlantic City crisis to do away with the health care thousands of south Jersey casino workers and their families have fought for and relied upon for over 30 years."