A nationwide strike set for Dec. 9 could devastate the economy just before Christmas

On Tuesday U.S. President Joe Biden expressed confidence that a dispute between labor unions and the country’s freight railroads can be resolved.

“Congress, I think, has to act to prevent it,” Biden said. “It’s not an easy call, but I think we have to do it. The economy is at risk.”

The President made the remarks when he briefly spoke to reporters back at the White House following the long Thanksgiving holiday.

Over the weekend, online Black Friday sales in the United States topped a record-breaking $9.12 billion this year.

Despite inflation and other economic concerns, retail experts say it’s a solid start to the holiday shopping season.

During a meeting with Congressional leaders, President Biden discussed future legislative priorities for the lame duck session.

He also told top lawmakers that the looming railroad strike has to be a top priority.

When asked if he was confident that a rail strike would be averted, Biden replied, “I am confident.”

The President made those remarks before a nationwide railroad strike that could ultimately cripple the economy just days before Christmas.

Business groups from across the U.S. are calling on for Congress to take immediate action to avoid a strike set for Dec. 9.

Currently, a coalition of 449 organizations led by the U.S. Chamber of Commerce said lawmakers need to act before the strike deadline so they can prevent any work stoppage.

If the Biden administration and Congress fail—officials say it could cost the economy an estimated $2 billion per day, making inflation even worse.

Back in September, the Biden administration mediated a tentative agreement between the unions threatening a strike and the railroad companies. The agreement gave rail workers a 24% wage increase from 2020 through 2024 and sign-on bonuses. However, many union rail workers oppose the deal because it lacks sick time, does not address quality-of-life issues, and has laborers working on skeleton crews.

In order to avert a potential work stoppage, all 12 unions involved in negotiations must ratify their new agreements. So far, four unions voted against Biden’s proposal and are waiting for a new deal.