A strike by workers at New York's Long Island Rail Road could cost $50 million a day in lost economic activity, a blow for a region still overcoming the effects of the recession and Superstorm Sandy, the state's top financial watchdog said on Tuesday. Talks to avert a strike at Long Island Rail Road broke down on Monday and the unions representing workers at the country's largest commuter railroad said they were proceeding with plans to strike on Sunday, increasing the chances of rush hour chaos in one the country's most densely populated regions. "A LIRR strike would cause headaches and financial hardships for riders and businesses," New York state Comptroller Thomas DiNapoli said in statement. "Both sides must go the extra mile to reach a reasonable settlement so we can avoid the costly impact of a strike." The LIRR serves 300,000 passengers each day, carrying commuters between Long Island and New York City as well as within Long Island itself.
ORACLE, Ariz. (AP) — Protesters have begun gathering in a small town near Tucson after an Arizona sheriff said that the federal government plans to transport about 40 immigrant children to an academy for troubled youths.
WASHINGTON (AP) — The Peace Corps launched a new online application Tuesday that allows applicants to choose the countries and programs where they want to serve and removes red tape that was dissuading people from completing the international service organization's application process.
YORK, S.C. (AP) — A suicidal South Carolina man was sentenced to life in prison for killing his bedridden wife and their 9-year-old granddaughter, saying he wanted to spare them the pain of living without him, prosecutors said.
Following are highlights from the question and answer session of Federal Reserve Chair Janet Yellen's testimony before the Senate Banking Committee on Tuesday. YELLEN ON LONG-TERM UNEMPLOYMENT "While long-term unemployment remains at exceptionally high levels and is a grave concern, I do think we are seeing improvements as the job market is strengthening." YELLEN ON TIMING OF RATE RISE The Federal Open Market Committee will be looking at "maximum employment and price stability... There's no formula and no mechanical answer that I can give you about when the first rate hike will occur. Of course this is something we need to watch carefully and are doing so.... "The Federal Reserve does need to be quite cautious with respect to monetary policy.
BURLINGTON, Vt. (AP) — A Vermont man who told police he urged his girlfriend to jump off a cliff in a drug-induced haze because of an imagined bear attack was being held on $100,000 bail on charges including attempted murder and arson.
WASHINGTON (AP) — Federal Reserve Chair Janet Yellen says the economic recovery is not yet complete and for that reason the Fed intends to keep providing significant support to boost growth and improve labor market conditions.