Amtrak was on the brink of breaking even financially for the first time ever before the coronavirus pandemic hit.
Now, the federally subsidized railroad says demand has fallen to just 5% of previous volumes.
To make up for the revenue shortfall, Amtrak needs another $1.5 billion bailout from Congress, it said in a letter Tuesday.
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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 from Congress as part of the CARES Act. In its bid for further aid, the railroad said it will reduce its operating costs by approximately $500 million including restructuring its workforce and controlling discretionary expenses.See the rest of the story at Business Insider
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