Opposition increases to blank-check bailout of airline industry
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The White House and Republican leaders are rebuffing the U.S. airline industry’s request for emergency government aid heavy on cash grants as policymakers and lawmakers assess the political
fallout from bailing out an industry with recent record profits after workers made concessions during bankruptcies and mergers. Airlines are aggressively downsizing operations, slashing
costs and seeking additional financing to stay afloat in the short term, but they fear it won’t be enough. The carriers seek a combination of grants, loans and tax relief totaling $58
billion, but news organizations report the White House appears to prefer $50 billion in loans. Airline CEOs are in Washington this week arguing that a cash infusion is necessary to keep
companies, which are hemorrhaging millions of dollars every day, viable until the economy recovers. European and Canadian airlines are asking for similar help from their governments. On
Thursday afternoon, a coalition of aviation stakeholders urged quick U.S. action on a rescue package. TO CONTINUE READING THIS ARTICLE... ALREADY HAVE AN ACCOUNT? SIGN IN CREATE A FREE
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