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A tentative agreement has been reached averting a freight railroad strike. The Labor Department confirmed the agreement with President Biden early this morning.

New contracts will be in order for those who work with the Association of American Railroads. The new tentative agreement will provide rail workers a 24% wage increase from 2020-2024. The trade group said this includes an immediate payout averaging $11,000 upon ratification.

US Secretary of Labor Marty Walsh confirmed the new agreement early Thursday morning.

12 major US railroads and unions threatened a nationwide strike if a deal was not reached with the Biden Administration by Friday. It was predicted that if the railroad strike did take place, it would have cost the economy approximately $2 billion a day.

Jim Geraghty, National Review, joined Tony Katz to discuss the tentative deal and why the media didn’t initially cover the negotiations.