Potential rail strike hangs over holiday rush
PITTSBURGH (KDKA) - Time is running out for America to avoid a freight rail strike.
Four labor unions and managers of the biggest U.S. freight railroads have not been able to reach a labor deal.
If an agreement is not reached, the unions could go on strike as soon as Dec. 9.
If a strike does happen, it could cost the economy $1 billion in its first week alone. That's according to new estimates by the Anderson Economic Group.
A strike could affect supply chains, causing higher prices for cars, gas, and groceries. It could also impact deliveries for the holidays.
Both sides are actively working towards avoiding a potential economic crisis.
"I'm confident we can get a path forward for all 12 of our unions to have ratified agreements before any sort of work stoppage occurs. We're able, willing, and ready to have those conversations," said Ian Jefferies, the CEO and President of the Association of American Railroads.
Eight other unions have reached agreements, but if one of the unions goes on strike, it would be honored by all 12 unions.
Congress could step in to stop a rail strike and will likely do so. They've done that at least 18 times in the past.