The Biden administration urged railroads and unions to reach a deal to avoid a railroad work stoppage, saying on Monday it would pose "an unacceptable outcome" to the U.S. economy that could cost $2 billion a day, Reuters reported. Railroads, including Union Pacific, Berkshire Hathaway's BNSF, CSX, and Norfolk Southern, have until a minute after midnight on Friday to reach tentative deals with hold out unions representing about 60,000 workers. Failing to do so opens the door to union strikes, employer lockouts and congressional intervention. U.S. Labor Secretary Marty Walsh is postponing travel to Ireland to remain in talks, the department said Monday. "The parties continue to negotiate, and last night Secretary Walsh again engaged to push the parties to reach a resolution that averts any shutdown of our rail system," a Labor Department spokesperson said. "All parties need to stay at the table, bargain in good faith to resolve outstanding issues, and come to an agreement." U.S. railroads account for almost 30% of cargo transport by weight and maintain nearly 97% of the tracks Amtrak uses for commuter rail. Widespread railroad disruptions could choke supplies of food and fuel, spawn transportation chaos and stoke inflation.
