Citing an unwillingness to sign-off on an agreement that could put taxpayer dollars on the line, Mayor Martin Walsh said today that the city of Boston no longer plans to pursue plans to host the 2024 Summer Olympics.

In a morning press conference at City Hall, Walsh said that he is not prepared to sign a host-city agreement guaranteeing that the city would promise funds to pay for cost overruns.

"I refuse to mortgage the future of the city away," said Walsh.

"We have met every demand and every challenge, but I cannot commit to putting the taxpayers at risk," said Walsh. "I am not a USOC board member. At end of the day, I have to do what's right for the residents of this city and the future of the city."

The announcement was a stunning reversal from Walsh, who has been the chief political proponent of the 2024 proposal. It was not clear immediately if Walsh's announcement meant that the Boston 2024 bid is dead.

"We're going to see how the USOC responds today," Walsh said.

Developing....