RAIL: Amtrak borrowing $2.45 billion to upgrade trains, rails, stations

Vice President Biden on Friday announced that Amtrak will receive a $2.45 billion federal loan.

The loan, which the White House says is the largest in the history of the U.S. Department of Transportation, will be used to buy 28 new train sets and to improve rails and stations along the Northeast Corridor, according to an announcement from Biden’s office.

Amtrak has been working to fund new trains and improve infrastructure. It has said it will be able to pay for the improvements through growth in the Northeast Corridor, which has long been a source of revenue for the service.

Throughout the country, however, Amtrak is heavily subsidized by the federal government and loses money annually. In 2015, it reported a $306.5 million loss.