Latest News

Biden Says Rail Deal With Unions Avoided ‘Real Economic Crisis’

0

Biden Says Rail Deal With Unions Avoided ‘Real Economic Crisis’ By Bloomberg

Breaking News

‘;

Economy 4 minutes ago (Sep 16, 2022 14:56)

© Reuters

(Bloomberg) — President Joe Biden said the tentative deal he helped forge between railroads and labor prevented devastating the US economy when it’s already struggling with high inflation and supply-chain constraints. 

“If, in fact, they’d gone on a strike, the supply chains in this country would’ve come to a screeching halt. We would’ve seen a real economic crisis,” he said in an interview with CBS’s “60 Minutes” set to air on Sunday.

Biden called the agreement “fair for both sides.” His comments suggest he is confident the holdout unions will ratify the deal, forged just hours before a strike would have halted rail traffic around the country. 

Union members still must vote to accept the deal and there’s no guarantee they will. The White House said the tentative agreement extends the “cooling off” period — during which unions may not strike — to ensure that a rejection wouldn’t immediately trigger a work stoppage. 

Late Wednesday, Biden personally intervened in the talks, stressing the widespread economic damage that would result from a strike. 

Union advocates and officials familiar with the president’s call to negotiators said that Biden’s involvement was pivotal in getting both sides to agree, with one saying it was unclear how negotiations would go at the time Biden called.

A work stoppage would have snarled supply chains and fueled red-hot inflation, while putting Democrats at greater risk of losing control of Congress in the November midterms. Instead, the president is coming away with a deal that could prove to be a validation of his negotiating skills. 

©2022 Bloomberg L.P.

Biden Says Rail Deal With Unions Avoided ‘Real Economic Crisis’

IMF plans in-person mission to start talks with Ukraine with support – spokespersonBy Reuters – Sep 16, 2022

WASHINGTON (Reuters) – The International Monetary Fund could provide about $1.4 billion in emergency aid to Ukraine almost immediately if its executive board approves a new “food…

Bank of England backs Kwasi Kwarteng’s plans to scrap cap on bankers’ bonuses; unions againstBy Proactive Investors – Sep 16, 2022

The Bank of England (BoE) has backed the new Chancellor of the Exchequer, Kwasi Kwarteng’s plan to scrap the cap on bankers’ bonuses in a rare public intervention, the Daily…

SNB to join 75 basis point hike club on Sept 22, inflation yet to peak – Reuters PollBy Reuters – Sep 16, 2022

By Indradip Ghosh BENGALURU (Reuters) – The Swiss National Bank will join the 75 basis point rate hike club on Thursday to choke off nearly three-decade-high inflation, according…

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

© 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Bank of England backs Kwasi Kwarteng’s plans to scrap cap on bankers’ bonuses; unions against

Previous article

UK rate futures switch bets to half-point BoE rate rise

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News