President Biden signed  today legislation to avert a rail shutdown after congressional lawmakers raced to pass the measure amid concerns over the economic danger posed by a possible strike.

The House passed the tentative rail agreement on Wednesday, and the Senate passed the legislation on Thursday as pressure mounted on lawmakers to act swiftly.Biden said in remarks ahead of the signing that the bill “ends a difficult rail dispute and helps our nation avoid what without a doubt would have been an economic catastrophe.”

“Our nation’s rail system is literally the backbone of our supply chain,” Biden said. “A rail shutdown would have devastated our economy.”Without congressional action, a rail strike could have become a reality as early as December 9, causing shortages, spiking prices and halting factory production.

It could also have disrupted commuter rail services for up to seven million travelers a day and the transportation of 6,300 carloads of food and farm products a day, among other items, according to a collection of business groups.“Thanks to the bill Congress passed … we’ve spared the country that catastrophe,” Biden said.

Last edited by Spunky (12/02/2022 12:40 pm)