jim acosta joins us live from pittsburgh. this say city that faces problems with their own employee pension plan. hi, jim. >> reporter: that's right, if a democratic mayor and a union city is talk about 401(k) programs for pension workers, you know they have pension workers and those problems are weighing on the city like a steel curtain. the fiscal house is on fire in pittsburgh. unless the city can get a handle on it's out of control pension costs for its firefighters and other public workers, local leaders say they are facing financial armageddon. is that overstating it? >> well, i think we're heading that way. the reality is -- >> you're heading towards armageddon? >> well, we're heading towards different scenarios. >> reporter: pittsburgh cannot meet its obligations of its pension to the tune of $700 billion. this city spends 50 cents on