Chicago, employee unions near agreement

Leaders of Chicago's employee unions say they've nearly reached a two-year agreement with city officials that would save the jobs of more than 1,500 people who would've been laid off.

Mayor Richard Daley had said the layoffs would take place July 15 unless the city won concessions from employee representatives. The cuts would've saved $34 million this year.

Chicago Federation of Labor President Dennis Gannon says union leaders vetoed the possible solutions of an 8 percent across-the-board pay cut or replacing overtime pay with compensatory time.

Chicago's aldermen earlier this week approved 15 unpaid furlough days for 3,700 nonunion employees.