⁍ Without a new government bailout Amtrak could be forced to cut additional train service and cut spending.
⁍ Amtrak last month told Congress it needs up to $4.9 billion in government funding for the current budget year.
⁍ The railroad said last month it was cutting 2,000 jobs.
– Amtrak could lose another 2,400 jobs if the federal government doesn’t hand it $4.9 billion in funding for the next budget year, it warned Congress today. The passenger railroad, which is seeking more government funding than it usually gets, said that without the money it would have to cut service and reduce spending, Reuters reports. It would also have to scale back capital spending, resulting in 775 jobs lost from reduced capital spending and 1,625 job losses from reduced train service by state partners. Amtrak, which said last month it was cutting 2,000 jobs, warned that without new funding from Congress it would result in the loss of 775 jobs from reduced capital spending and further reductions in train service by state partners would likely result in 1,625 job losses.
Source: https://www.reuters.com/article/canada-forex/canada-fx-debt-canadian-dollar-rallies-on-higher-oil-prices-us-stimulus-hopes-idUSL1N2GZ1PF