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Detailed text transcripts for TV channel - MSNBC - 20110722:18:20:00

okay at 7:00 p.m. eastern here on msnbc. and the mayor of rhode island sat down with the mayor of central falls because they have been teetering on the bankruptcy line, and now with the idea of cutting pensions in half has people very upset. meeting with them is a rhode island u.s. supreme court justice justice flanders. good to see you, justice flanders from providence, rhode island. you sat down with the mayor of central falls and acting as the state overseer since the mayor was stripped of the duties last fall. what was the focus of the meeting? yes, how the mayor could be useful to the office of the receiver and what he might be doing in terms of giving advice, based on his knowledge of the city, so it was a fruitful and productive discussion, and i was glad that we were able to get

Detailed text transcripts for TV channel - MSNBC - 20110722:18:21:00

state overseer since the mayor was stripped of the duties last fall. what was the focus of the meeting? yes, how the mayor could be useful to the office of the receiver and what he might be doing in terms of giving advice, based on his knowledge of the city, so it was a fruitful and productive discussion, and i was glad that we were able to get together and do that. what do you make of the plan to cut pensions possibly by half to keep the city out of bankruptcy? well, unfortunately, it is necessary, because we have got a $5 million operating deficit on a $17 million budget. and a good chunk of that is due to pension plans that are too rich for the city to afford. we have an $ 80 million unfunded liability that we aare strugglig to get our arms around and we have to resort to a drastic measure. if you don t put into effect as you call it the drastic measure and the city were to go

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