NEW YORK -- Broadway musicians have been without a contract since the end of August and if a settlement is not reached by Thursday morning, they say they will go on strike.

Both sides met with a mediator into the night on Wednesday in hopes of coming to an agreement.

The president of the union that represents musicians has said:

"On the heels of the most successful season in history, the Broadway League wants the working musicians and artists who fueled that very success to accept wage cuts, threats to healthcare benefits, and potential job losses. Faced with such an egregious erosion of their working conditions, Local 802 Broadway musicians and other artists are ready to leverage every ounce of their collective power, up to and including a strike."

The strike would have a tremendous

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