Just In: Biden administration reaches 'tentative agreement' to avoid rail strike.
from Thursday amid the threat of a strike, which could have disrupted not only passenger and freight services, but the U.S. economy. Rail companies had warned the strike could result in lost productivity of $2 billion a day.
The root of the problem was a labor dispute between railroad companies and their unionized workforces. If the two sides hadn't come to an agreement, the strike was set to have begun just after midnight on Friday. A Labor Department spokesperson told CBS News on Wednesday evening that dinner was ordered and the talks in Washington among federal officials, railroad executives and railroad worker union leaders were ongoing. Mr. Biden's statement about the agreement came at about 5 a.m. on Thursday.
It was the Association of American Railroads that had warned halting freight trains could cost the U.S. economy more than $2 billion per day. If a shutdown were to last more than a few days, the impact would likely be felt by millions of consumers, as it would disrupt shipping of virtually all retail products, coal, other fuels and manufacturing components.
Commuters would also be out of luck, as many passenger trains run on the freight tracks that would be idled in a strike, experts say. First published on September 15, 2022 / 5:32 AMCreate your free account or log inPlease enter valid email address to continue
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