Norfolk Southern Railway

The U.S.'s third largest railroad union rejected a deal with employers Monday, renewing the possibility of a strike that could cripple the economy. Both sides will return to the bargaining table before that happens.

The special board appointed by President Joe Biden to intervene in stalled railroad contract talks suggested on Aug. 16 that 115,000 rail workers should get 24 percent raises and thousands of dollars in bonuses as part of a new agreement to avert a strike.