Biden announces $2.45B Amtrak loan at Biden station
Vice President Joe Biden announced Friday that the U.S. government will cut a mammoth $2.45 billion check to Amtrak in what will be the largest single loan in the Transportation Department’s history.
Biden announced the loan to Amtrak, the heavily government subsidized U.S. rail-line, at the Joseph R. Biden, Jr. Railroad Station in Wilmington, Del., Friday afternoon.
Amtrak will use the loan to purchase 28 new train sets for the Acela service on the Northeast Corridor, which will offer 40 percent more seats than currently offered on Acela trains making stops in Washington, D.C., New York, and Boston.
The government cash infusion comes the same day Amtrak threatened to cut rail service from Boston to New York and Washington, D.C. because of an ongoing dispute with the state’s transportation authority over who should pay for maintenance of the Northeast Corridor, the Boston Globe reported earlier Friday, citing court documents. – READ MORE