U.S. passenger railroad Amtrak says it needs new $1.5 billion bailout
Reuters
Published May 26, 2020 10:44AM ET
Updated May 26, 2020 11:00AM ET
WASHINGTON (Reuters) - U.S. passenger railroad Amtrak told Congress in a letter made public Tuesday it needs another $1.475 billion bailout or it will be forced to make sweeping service cuts and likely suspend some routes.
Amtrak, which has been devastated by the coronavirus pandemic, in April received $1 billion in emergency funding for U.S. passenger railroad Amtrak. Amtrak said it will reduce its operating costs by approximately $500 million including restructuring its workforce and controlling discretionary expenses.
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Written By: Reuters
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