Page 2 - Dollar Shortfall News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Consequences will be felt for years to come. >> reporter: the double-notch downgrade came after it was determined that the state could not degrade or default on its pension operation and thereforethe ruling extends to the city making the financial crisis the new republican gorn governor says the city cannot back up the crisis. >> we don't have enough money to bailout the city of chicago. it's not an option. >> reporter: mismanaged for years, an investigation by "the sun times" claims shortages were skipped in one case for a decade. critics say emanuel blew his chance to tackle the debt raising...

Is that appeasing parents at all? >> no. they want their kids as near to home as possible because they don't want the kids to have to cross any gang lines. they don't want them to be on the streets any longer than they have to. one thing that the public schools did do when they were talking about this is they decided not to include high schools on the list because it had been problematic with high schools before. but they are -- little kids are still affected by this. >> sure. let's look at the money here because the district is facing a billion dollar shortfall. the closures could net $560 mi...

A and pope francis on american politics i think is a big issue for catholics as we move forward. the latest on the budget fight as well. >> david gregory, thanks very much. david remnick, stick around, if you can. the man who is managing the chrysler bankruptcy is helping the city of detroit out of a billion dollar shortfall but is it too late for the once great american city? we will talk to rick snyder and the financial manager kevin orr next on "morning joe." ♪ [ female announcer ] it balances you...

>>. >> heather: nearly every state in the country has made cuts to public employee pensions, unfortunately, the cuts don't make a dent in the nearly one trillion dollar shortfall. how do we deal with the situation and what does it mean for the u.s. economy and your bottom line? ed is managing partner of chattedwood investment. thanks for joining us. how do these get so out of control? >> it's very typical. one thing to remember, corporations, prior to 1980, corporations, 80% of them had defined benefit plans. that what a pension plan. a defined benefit you are going to get when you retire. now...

worst fire season in history gets worse by the hour. this is the worst of the worst. southeast of austin, 30,000 acres consumed, hundreds of homes destroyed, zero containment. this fire started sunday, barely 48 hours ago, and already governor rick perry calls it as mean a fire as he has ever seen and he's seen a whole lot of wildfires this year. the texas forest service counts 294 consecutive days of wildfires somewhere in the state. you see the numbers here behind me. not coincidentally, it's been a year of historic drought. so far this year, more than 3 1/2 million acres have burn...