‘Cooling off’ period to avert shutdown as U.S. rail deal heads for vote -source

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FILE PHOTO: Coal trains approach Norfolk Southern's Williamson rail yard in Williamson, West Virginia

WASHINGTON (Reuters) – U.S. railway parties have agreed to a cooling off period as standard part of the ratification process after reaching a tentative deal overnight, a move that would avert any shutdown in case unions fail to ratify it, a source familiar with the situation said on Thursday.

U.S. President Joe Biden called negotiators around 9 p.m. Wednesday night as talks continued in a move the source said was “crucial” as talks progressed for 20 hours into the night.

(Reporting by Trevor Hunnicutt; writing by Susan Heavey; Editing by Toby Chopra)