Union proposal countered by owners

Updated: June 22, 2011, 11:33 AM ET
By Chris Sheridan | ESPN.com

NEW YORK -- NBA players and owners each made new financial proposals Tuesday at a three-hour collective bargaining meeting, emerging from the discussion cautiously optimistic that progress was being made.

The current CBA expires June 30, and the two sides are trying to prevent an impasse like the one that has stopped NFL business.

The union made the first proposal, asking to retain the current "soft" salary-cap system but with a half-billion dollar reduction in salaries -- $100 ...

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