Railroad unions and companies have agreed not to strike while they vote on a tentative agreement reached after negotiations on Wednesday night.
that was due to take place on Friday has been averted, as the Biden administration has reached a tentative agreement with railroad unions and freight rail companies.announced the deal early on Thursday after he personally intervened on Wednesday evening to bring both sides—freight rail companies and unions and the government—to an agreement.
Negotiations reportedly lasted deep into the night for a total of 20 hours of talks, but finally, the Biden administration managed to avoid a strike that experts feared would have had a devastating impact on the U.S. economy. President Joe Biden reads a note from an aide saying that the Creating Helpful Incentives to Produce Semiconductors for America Act had received enough yes votes in the House of Representatives to pass during a meeting in the South Court Auditorium of the White House on July 28, 2022 in Washington, D.C. This week, Biden averted a rail strike which would have been extremely damaging for the U.S. economy.
The tentative agreement now needs to be ratified by union members. While a final decision has been reached, there will be a"cooling off" period of several weeks during which union members won't strike. Whatever the result of the union's ratification vote, the deal reached on Wednesday night is already a huge victory for Biden. A railroad strike of that size would have been certain to impact the economy at a time when the U.S. is already struggling with high inflation and a cost of living crisis.
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