Earlier today in Washington D.C., tentative agreements were reached for new rail union contracts, after negotiations between railroad companies and unions representing about 60,000 rail workers.

The reported agreements were reached after nearly 20 hours of negotiations, and includes a 24% increase in pay over five years, from 2020, though 2024, which makes up for missed raises from the previous two years. The deal also includes $1,000 lump sum payments in each year.

But while the raises are appreciated by the workers, many say there are still improvements to be made regarding working conditions and the work-life balance of the railroad industry.

"Yeah, the 24% will ease any financial burdens, but it still doesn't put a price tag on being able to go to your kid's Little League game or be home for Christmas," said an anonymous railroad worker, who chose not to share his identity over fear of it affecting his job.

And while the worker says the pay raise is a great way to show that unions still have power in America, there's still a lot of work to do.

"I would like to see the unions get a little bit stronger in this country," continued the worker. "I would like to see them to have a little bit more ability to keep Wall Street in check a little bit. You know, because because let's face it, corporate CEOs, they're responsible for Wall Street they're they're accountable to Wall Street before they're even accountable to the company."

The Biden administration acted as mediators and advisors during the deal, with President Biden calling it a "big win for America."

The terms of agreement still need to be voted on by rail union members, who have agreed not to go on strike while the votes are counted.

If a strike does occur, it could cause about 30% of all cargo shipments in the country to come to a complete halt, and cost the American economy up to $2 billion a day in lost funds.