Amtrak gets $2 billion loan for Northeast Corridor upgrades

WILMINGTON, Del. (WPVI) -- Vice President Joe Biden announced Friday the federal government is giving a $2 billion loan to Amtrak to modernize rail service along the Northeast Corridor.

Biden delivered the news at the Wilmington train station.

The funds will go to buy new trains, upgrade tracks and make platform improvements.

New technology will be installed on the trains to prevent train collisions and derailments.

Officials say the loan will also allow Amtrak to increase seating by about 40 percent on Acela trains traveling between Washington and Boston.