(WASHINGTON) — Mediators struck an eleventh hour deal to prevent a strike by dock workers.
At least 14,000 workers in more than a dozen ports across the eastern seaboard were threatening to strike if shipping management did not take royalties off the budget negotiation table.
Management conceded and they both now have 30 days to hash out all remaining issues.
If the strike had happened, it could have cost the economy an estimated $1 billion each day.
Copyright 2012 ABC News Radio
Cristina Alesci Seth Fiegerman and Charles Riley, CNN
Robert Mclean, CNN Newswire