Flanked by Union Allies, Biden Touts $36 Billion Pension Bailout

President Joe Biden announced a $36 billion bailout for the Central States Pension Fund, one of the nation’s biggest multi-employer plans, touting the help for union workers and retirees as he looks to mend ties with organized labor after a contentious rail deal.

The money would “prevent drastic cuts to workers’ hard-earned pension benefits, cuts that have been scheduled to occur within the next few years,” Biden said at the White House on Thursday. “It’s not going to happen — the cuts are not going to occur.”

The event — where Biden was joined by International Brotherhood of Teamsters President ...