Biden administration works to avert costly railroad strike — here's what to know

The Biden administration has been working to avert a possible railroad work stoppage that could begin late Friday and cost the U.S. economy at least $2 billion daily in lost productivity, potentially sparking yet another supply chain crisis.

President Joe Biden has personally talked with two of the railroad unions with and railroad companies to prevent a strike, according to a White House official. Bloomberg first reported the president's discussions. The official added that Labor Secretary Marty Walsh, Transportation Secretary Pete Buttigieg and Agriculture Secretary Tom Vilsack are also engaged in the talks.

Earlier Monday, a White House official said in a statement that the parties are still "working to resolve outstanding issues and come to an agreement," and the White House urged the parties to keep negotiating "promptly and in good faith." The official called the possibility of a shutdown of the freight rail system "an unacceptable outcome for our economy and the American people" and said the administration "has made that clear emphatically and repeatedly to all parties involved."