The Damage Report
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White House STRIKES Unexpected Deal For Devastating Shutdown
Posted
September 15, 2022
Views
12,830
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750
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September 15, 2022
12,830
750
95
6.59%
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11:33Now PlayingThe White House announced a critical deal was reached to avoid a rail strike which would send shockwaves throughout every area of the economy if it proceeded. John Iadarola and Sen. Nina Turner break it down on The Damage Report.
Read more here:
White House says tentative deal reached to avoid rail strike
"Early Thursday morning, after 20 hours of talks, the White House announced that a looming rail strike was averted and a tentative deal struck between the freight rail operators and their unions. The run-up to the agreement had businesses — and the economy — on the brink.
Why it matters: The negotiations, which started in 2019 but reached a fever pitch this week, were the latest issue to pop up in the game of supply chain whack-a-mole we've played for two-plus years.
Virtually every part of the economy needs functioning railways. Plus, a strike would have driven up prices at a time when inflation is showing signs of remaining stubbornly high.
What's happening: The tentative agreement now goes back to the unions for a vote. The parties also agreed to a post-ratification cooling-off period of several weeks, to ensure that if a vote doesn't succeed the rails keep running, according to a source familiar with the talks."
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