Stock Market News

Railway workers may be banned from striking on Wednesday

2022.11.29 13:26

[ad_1]



Railway workers may be banned from striking on Wednesday

Budrigannews.com – After President Joe Biden warned of the dire economic consequences of a rail disruption that could occur as early as Dec. 9, the House of Representatives of the United States plans to vote on Wednesday to prevent one.

Biden had stated on Monday that up to 765,000 Americans “could be put out of work in the first two weeks alone” and that a halt to railroad service would have devastating effects on the economy.

A tentative contract agreement that was reached in September, according to House Speaker Nancy Pelosi, will be voted on Wednesday.After meeting with Biden on Tuesday, she stated that “we must avoid a strike.”

The Democratic president was asked Tuesday at a White House meeting with congressional leaders whether he was confident that he could prevent a rail strike, and he responded, “I am confident.”

Biden stated that lawmakers needed to act quickly.I believe Congress must take action to stop it. Although it’s not an easy call, I believe we must make it. The economy is in jeopardy.

After criticizing the lack of paid sick leave, workers in four unions have rejected the tentative deal, while workers in eight unions have approved it.

By triggering a chain reaction of transportation issues that would affect the energy, agriculture, manufacturing, healthcare, and retail sectors in the United States, a rail traffic disruption could freeze almost 30% of U.S. cargo shipments by weight, stoke inflation that is already on the rise, and cost the American economy as much as $2 billion per day.

“Congress has historically acted with haste in a highly bipartisan manner,” said Association of American Railroads CEO Ian Jefferies. “That’s our goal again here as we sit here today.”

Worker’s organizations have censured the rail lines’ wiped out leave and participation arrangements and the absence of paid days off for transient ailment. The tentative agreement does not include paid sick days.Associations requested 15 paid days off and the railways chose one individual day.

“The railroad is not a place to work while you’re sick,” stated the Brotherhood of Maintenance of Way Employees Division of the Teamsters in a sharp critique of Biden’s call for Congress to intervene.It is unreasonable and unjust to demand critical work from someone who is ill, and it is dangerous.

More than 400 organizations issued a call to Congress on Monday to intervene in the railroad labor dispute, which is threatening to delay fuel and food deliveries, strand travelers, and cause billions of dollars worth of economic harm.

Biden praised the contract, which includes five $1,000 lump-sum payments annually and a 24% compounded wage increase over five years from 2020 to 2024.

The framework for the tentative agreement that major railroads and a dozen unions representing 115,000 workers forged in September was made available by Biden’s Presidential Emergency Board in August.

The Union Pacific Corporation (NYSE:),NYSE: Berkshire HathawayBNSF, CSX Corporation (NASDAQ:), Corporation Norfolk Southern (NYSE:)as well as Kansas City Southern

[ad_2]

Railway workers may be banned from striking on Wednesday

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 103,252.66 0.50%
ethereum
Ethereum (ETH) $ 2,501.22 1.82%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.36 0.76%
bnb
BNB (BNB) $ 641.99 1.45%
solana
Solana (SOL) $ 166.87 2.06%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.219343 0.57%
cardano
Cardano (ADA) $ 0.749592 2.23%
tron
TRON (TRX) $ 0.270474 1.13%
staked-ether
Lido Staked Ether (STETH) $ 2,507.42 1.42%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 103,116.63 0.69%
sui
Sui (SUI) $ 3.75 2.94%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,010.43 1.80%
chainlink
Chainlink (LINK) $ 15.55 3.03%
avalanche-2
Avalanche (AVAX) $ 22.69 3.31%
stellar
Stellar (XLM) $ 0.290027 0.67%
hyperliquid
Hyperliquid (HYPE) $ 26.74 3.01%
shiba-inu
Shiba Inu (SHIB) $ 0.000014 3.54%
leo-token
LEO Token (LEO) $ 8.87 1.40%
hedera-hashgraph
Hedera (HBAR) $ 0.193598 2.43%
bitcoin-cash
Bitcoin Cash (BCH) $ 394.10 0.74%
the-open-network
Toncoin (TON) $ 3.07 0.39%
litecoin
Litecoin (LTC) $ 99.03 0.37%
polkadot
Polkadot (DOT) $ 4.70 1.96%
usds
USDS (USDS) $ 1.00 0.00%
weth
WETH (WETH) $ 2,508.95 1.75%
monero
Monero (XMR) $ 335.06 0.00%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.10%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,674.27 1.84%
bitget-token
Bitget Token (BGB) $ 4.93 0.82%
pepe
Pepe (PEPE) $ 0.000013 4.44%
pi-network
Pi Network (PI) $ 0.737149 14.62%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.09%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 103,208.65 0.59%
whitebit
WhiteBIT Coin (WBT) $ 30.10 0.59%
bittensor
Bittensor (TAO) $ 422.18 3.89%
dai
Dai (DAI) $ 1.00 0.01%
uniswap
Uniswap (UNI) $ 5.96 4.08%
aave
Aave (AAVE) $ 227.79 2.22%
near
NEAR Protocol (NEAR) $ 2.76 4.26%
aptos
Aptos (APT) $ 5.20 2.39%
okb
OKB (OKB) $ 53.29 0.07%
kaspa
Kaspa (KAS) $ 0.115325 1.82%
jito-staked-sol
Jito Staked SOL (JITOSOL) $ 199.98 2.14%
ondo-finance
Ondo (ONDO) $ 0.930902 4.54%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%
crypto-com-chain
Cronos (CRO) $ 0.098525 2.30%
tokenize-xchange
Tokenize Xchange (TKX) $ 35.26 0.82%
ethereum-classic
Ethereum Classic (ETC) $ 18.51 2.48%