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Financial 411: Budget Talks Heat Up in NYC

Monday, May 23, 2011

Markets

U.S. stocks plunged to monthly lows because of new worries about the growing debt crisis in several European cities. From Spain, where the ruling Socialist party was defeated in weekend elections, to Standard & Poor's warning that it could lower Italy's debt rating, to renewed worries about Greece's ability to pay back more than $150 billion in rescue loans - Wall Street was a little panicked on Monday.

The Dow Jones lost 131 points, to close at 12,381. The S&P 500 lost 16 points, ending at 1,317. The Nasdaq lost 44 points, to close at 2,759.

Budget Negotiations Heat Up This Week

New York City's budget negotiations are heating up, with the June 30 deadline about five weeks away.

WNYC's Bob Hennelly explains who we'll hear from this week, and what's going on behind the scenes.

He said non-profits and charity organizations focused on social services, as well as groups hit hard by budget cuts from Washington and Albany will plead their case this week. Meanwhile, behind the scenes, there's talk about the proposed closure of 20 fire companies throughout the city, and struggling to find money to prevent the layoffs of more than 4,000 teachers. Hennelly also explains the push behind pension reform in the city, and how Governor Andrew Cuomo and Mayor Michael Bloomberg are teaming up.

New York Works: Staten Island Ferry Captain Jim Parese

Our series "New York Works" profiles New Yorkers at work across the city.

Jim Parese has been a captain with the Staten Island Ferry for 25 years. From his pilot house, he has some of the best views of New York City. Reporter Tracey Samuelson interviewed him for this week's piece.

And if there's a unique job you think we should profile, let us know!

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