NEW YORK (AP) – It’s scary out there. The financial crisis even has a hold on New York City’s famous Halloween Parade in Greenwich Village.

Parade artistic director Jeanne Fleming says seven major sponsors of the parade, who fund many of the large floats, have pulled out because “they just couldn’t afford it this year.”

She says she’s working with a $4,000 deficit and half the budget she had last year. But she says registration for the parade is bigger than ever.

The declining economy means spectators can expect more homemade costumes. She calls that a good thing, saying, “it’s all about creativity.”

The parade draws thousands of revelers and is known for its outlandish costumes.