A “tentative” labor agreement has been reached between the railroads and the unions after overnight talks, President Joe Biden announced early Thursday.
The tentative agreement would avert the potentially devastating looming strike that had been set to begin Friday. Any work stoppage would have had a massive impact on the supply chain and national economy. The Association of American Railroads estimated a service disruption would cost the U.S. economy $2 billion daily.
“For the American people, the hard work done to reach this tentative agreement means that our economy can avert the significant damage any shutdown would have brought,” Biden said in a statement. “With unemployment still near record lows and signs of progress in lowering costs, tonight’s agreement allows us to continue to fight for long-term economic growth that finally works for working families.”
Biden also singled out Labor Secretary Marty Walsh for his role in the negotiations.
“I especially want to thank Secretary…
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