The deal gives the union members an immediate 14% raise with back pay dating back to 2020, and raises totaling 24% during the five-year life of the contract, that runs from 2020 through 2024. It also gives them cash bonuses of $1,000 a year.

Few other details of the deal have so far been made public. But the statement from Biden indicated that the major issue that had brought the country within a day of its first national rail strike in 30 years had been addressed in the unions’ favor.