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Biden administration makes case for quick Senate vote to avoid rail shutdown

By David Shepardson WASHINGTON (Reuters) - The Biden administration on Thursday urged the U.S. Senate to quickly pass a bill to block a potentially crippling railroad strike,...
Biden administration makes case for quick Senate vote to avoid rail shutdown © Reuters. FILE PHOTO: An aerial view of gantry cranes, shipping containers, and freight railway trains ahead of a possible strike if there is no deal with the rail worker unions, at the Union Pacific Los Angeles (UPLA) Intermodal Facility rail yard in Commerce, Cal
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By David Shepardson

WASHINGTON (Reuters) - The Biden administration on Thursday urged the U.S. Senate to quickly pass a bill to block a potentially crippling railroad strike, warning that the impact could be felt within days.

The U.S. House of Representatives on Wednesday voted to approve a bill to impose a tentative contract deal reached in September on a dozen unions representing 115,000 workers. The House also separately voted to require seven days of paid sick leave for rail workers, a measure the White House has not endorsed.

"There is no substitute in the American transportation system for a functioning freight rail network," Transportation Secretary Pete Buttigieg told CNBC. "It wouldn't just bring down our rail system, it would really shutdown our economy."

Buttigieg and Labor Secretary Marty Walsh are set to meet with Senate Democrats later on Thursday to try to convince them to move quickly.

Senate Majority Leader Chuck Schumer has not yet scheduled a vote on the rail measure and some senators, including Bernie Sanders, have demanded a separate vote on the sick leave issue as a condition of agreeing to fast-track consideration of the rail contract vote. Schumer said he wants to see paid sick leave included in the legislation.

"Senators are working morning, noon and night to reach an agreement for us to act on this measure ASAP," Schumer said. "The Senate cannot leave until we get the job done."

Workers could go on strike as soon as Dec. 9, but the impacts would be felt as soon as this weekend as railroads stop accepting hazardous materials shipments.

A rail strike could freeze almost 30% of U.S. cargo shipments by weight, stoke already surging inflation and cost the American economy as much as $2 billion per day, and strand millions of passenger railroad Amtrak and commuter rail passengers.

Railroads and the U.S. Chamber of Commerce oppose amending the contract deal that was struck in September largely on the recommendations of an emergency board appointed by Biden.

President Joe Biden on Monday praised the proposed contract that includes a 24% compounded pay increase over five years and five annual $1,000 lump-sum payments, and had asked Congress to impose the agreement without any modifications.

There are no paid short-term sick days under the tentative deal after unions asked for 15 and railroads settled on one personal day.

Eight of 12 unions have ratified the deal. But some labor leaders have criticized Biden for asking Congress to impose a contract that workers in four unions have rejected over its lack of paid sick leave.

The contracts cover workers at carriers including Union Pacific (NYSE:UNP), Berkshire Hathaway (NYSE:BRKa) Inc's BNSF, CSX (NASDAQ:CSX), Norfolk Southern Corp (NYSE:NSC) and Kansas City Southern (NYSE:KSU).

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
(8,300/ 8,500) # 1,298
SJC 1L, 10L, 1KG8,300/ 8,520
(0/ 0) # 1,510
SJC 1c, 2c, 5c7,380/ 7,550
(0/ 0) # 540
SJC 0,5c7,380/ 7,560
(0/ 0) # 550
SJC 99,99%7,370/ 7,470
(0/ 0) # 460
SJC 99%7,196/ 7,396
(0/ 0) # 386
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