Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

U.S. House committee approves another $14 billion for pandemic-hit airlines

Stock MarketsFeb 11, 2021 10:05PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Customer seeks assistance at American Airlines counter at Reagan National airport in Washington

By Tracy Rucinski and David Shepardson

(Reuters) - A U.S. House committee on Thursday approved a proposal to give airlines another $14 billion in payroll assistance as part of a broader COVID-19 relief package that is working its way through Congress.

It would be the third round of support for the pandemic-hit industry. American Airlines (NASDAQ:AAL) and United Airlines have warned of some 27,000 furloughs without an extension of the current package that expires on April 1.

The House of Representatives Financial Services Committee on a 29-24 vote approved the $14 billion for airlines and $1 billion for contractors to cover payroll through September.

The funds will be included in the $1.9 trillion COVID-19 relief bill proposed by President Joe Biden, whose initial plan did not include new money for airlines. House Speaker Nancy Pelosi said on Thursday that she expects lawmakers to complete legislation based on the bill by the end of February.

American Airlines said in a statement after the committee vote that the payroll support program, which covers employee wages and bans job cuts, "has been a lifeline for our team members."

U.S. airlines are burning through millions of dollars every day as the pandemic crushes travel demand.

The Air Line Pilots Association, the largest pilot union in the world, said the funds "would help prevent the additional financial devastation that would result from the aviation industry being forced to furlough tens of thousands of workers."

Budget carriers Spirit Airlines (NYSE:SAVE), Allegiant Travel and Frontier Airlines, however, have said in recent weeks that they intend to resume pilot hiring later this year.

Reuters first reported many of the details of the plans to provide new assistance to U.S. airlines, transit systems, airports and passenger railroad Amtrak.

U.S. House committee approves another $14 billion for pandemic-hit airlines
 

Related Articles

FedEx Earnings Miss, Revenue Beats In Q1
FedEx Earnings Miss, Revenue Beats In Q1 By Investing.com - Sep 21, 2021

Investing.com - FedEx (NYSE:FDX) reported on Tuesday first quarter earnings that missed analysts' forecasts and revenue that topped expectations. FedEx announced earnings per...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (7)
Mark Henline
Mark Henline Feb 12, 2021 1:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I'd ask my congressman. but he's attended hearings waiting more money on no collusion. we know why your doing it..you dont want privledged reports shared outside your circle with x presidents..... why shiuld they get the info anyway
Mark Henline
Mark Henline Feb 12, 2021 1:09AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I'll walk. don't give them my money..
Mark Henline
Mark Henline Feb 12, 2021 1:07AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
bail out number to 15 trillion and climbing...capitalism failure and they want to convict the rioters..
Mart Bab
Rubberduck1973 Feb 12, 2021 12:11AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Everybody is just waiting for this heavy polluting industry to get back on its feet so we can all fly to our Holliday location and eat, f, s and sleep our way to global warming. Maybe it was beter to use all this money to restructure the way we travel and make it more environmental  friendly?
Terry Dude
Terry Dude Feb 12, 2021 12:11AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
have you been paying attention to temperatures lately? the sky is not falling chicken little
David Bowie
Defcon2 Feb 11, 2021 11:27PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
If you're in favor of all the China virus restrictions and lockdowns since they started, you have no right to complain.
Andy He
Andy He Feb 11, 2021 10:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
More money for zombie companies...what a joke! Corporate America gets their stimulus money whenever they cry for it or threaten with layoffs but average Americans get nada..cant even get a $1400 check...how about all Americans threaten not to pay any taxes this year....or we should all be like Reddit folks...boycott certain companies and see if that speeds things up...
The Chad Bull
The Chad Bull Feb 11, 2021 10:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
With what money? Our government is broke and drowning in debt
michael boyle
michael boyle Feb 11, 2021 10:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
how can we be in debt if we can print money?
Mark Henline
Mark Henline Feb 11, 2021 10:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
why is our us credit rating not lowerd... I borrow 10 bucks and my score drops.. you hold me to 70/30 credit margin....
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email