Biden pushed railways, unions to ‘be creative’ and ‘flexible’ to reach a deal and avoid a shutdown, White House says

Biden pushed railways, unions to ‘be creative’ and ‘flexible’ to reach a deal and avoid a shutdown, White House says


U.S. President Joe Biden greets negotiators who brokered the railway labor agreement after U.S. railroads and unions secured a tentative deal to avert a rail shutdown, in the Oval Office at the White House in Washington, September 15, 2022.

Kevin Lamarque | Reuters

President Joe Biden urged railway executives and union leaders to be creative and flexible in finding a compromise to avoid a shutdown that could have disrupted the transport of goods across the U.S., White House Press Secretary Karine Jean-Pierre said.

“The president’s message — it was very clear — we must get a deal done,” Jean-Pierre told reporters at a press briefing Thursday. “He pushed them once again to recognize the harm that would hit families, farmers, businesses and entire communities if there was a shutdown. He asked them to be creative, to be flexible, meet the others halfway as well, and he emphasized how significant the economic impacts could be.”

In negotiations that lasted nearly twenty hours, the Biden administration, including the president himself. along with Transportation Secretary Pete Buttigieg and Labor Secretary Marty Walsh, to reach a deal before the Friday deadline.

“You have to remember what we averted here,” Jean-Pierre said. “This would have been devastating for our economy, devastating for our supply chains.”

About 40% of the nation’s long-distance trade is moved by rail. If the unions had gone on strike, more than 7,000 trains would have been idled, costing up to an estimated $2 billion per day. The White House had been in talks with railroad workers’ unions and companies for several months, but negotiations hinged on the issue of unpaid sick time.

Tentative agreements were reached early Thursday morning with the major unions which collectively represent about 60,000 employees: Brotherhood of Locomotive Engineers and Trainmen Division of the International Brotherhood of Teamsters, the International Association of Sheet Metal, Air, Rail and Transportation Workers – Transportation Division, and the Brotherhood of Railroad Signalmen.



Source

Detroit auto stocks jump on report of tariff relief for U.S. vehicles
Business

Detroit auto stocks jump on report of tariff relief for U.S. vehicles

Production is now set to begin at the former Detroit-Hamtramck assembly plant, less than two years after GM announced the massive $2.2 billion investment to fully renovate the facility to build a variety of all-electric trucks and SUVs. Photo by Jeffrey Sauger for General Motors DETROIT – Shares of the Detroit automakers closed higher Friday […]

Read More
Tesla, GM lead record U.S. EV sales this year as federal incentives end
Business

Tesla, GM lead record U.S. EV sales this year as federal incentives end

A Tesla Cybertruck and GMC Sierra Denali EV First Edition next to one another. Michael Wayland | CNBC DETROIT – Tesla and General Motors are leading the U.S. automotive industry this year in record domestic sales of all-electric vehicles, as consumers hurried to buy EVs before up to $7,500 in federal incentives for each purchase […]

Read More
The wealth of the top 1% reaches a record  trillion
Business

The wealth of the top 1% reaches a record $52 trillion

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. The top 10% of Americans added $5 trillion to their wealth in the second quarter as the stock market rally continued to benefit […]

Read More