Union Pacific hopes a new application will be enough to persuade regulators that its $85 billion acquisition of Norfolk Southern would be good for the country.

Norfolk Southern's quarterly profit slipped 12% amid the uncertain economy, as well as costs related to its efforts to merge with Union Pacific and create a transcontinental railroad.

Union Pacific offers $20 billion cash and one share of its stock to buy Georgia-headquartered Norfolk Southern in a merger that could trigger the final wave of railroad mergers across the country. 

The freight railroad CSX announced this week it had made a deal to provide paid sick leave to roughly 5,000 rail workers. The White House and lawmakers are pushing other railroads to follow suit.

With a strike looming, President Biden called on Congress to pass legislation imposing a contract deal that four rail unions had rejected, citing its lack of paid sick days.

The rail union representing 28,000 freight rail conductors, brakemen and yardmen has voted down the contract deal brokered by the Biden administration back in September.

Freight rail workers had threatened to strike Friday. The unions were unhappy about a policy that penalizes workers who take unscheduled time off, including for medical needs.