President Joe Biden says tentative railway labor agreement reached

President Joe Biden announced a tentative agreement was reached to give rail workers better pay, improved working conditions, and “peace of mind around their health care costs.”

Details were not disclosed.

“I thank the unions and rail companies for negotiating in good faith and reaching a tentative agreement that will keep our critical rail system working and avoid disruption of our economy,” Biden said in a statement.

Negotiators from railroad carriers and unions met in Labor Secretary Marty Walsh’s office Wednesday as the sides tried to negotiate a deal ahead of Friday’s strike deadline.

Dennis Pierce, president of the Brotherhood of Locomotive Engineers and Trainmen, or BLET, has said BNSF and Union Pacific rejected the union’s proposal for sick time policies.

— CNBC’s Lori Ann LaRocco contributed to this report.

This is breaking news. Please check back for updates.