Pelosi says there will be no stand-alone aid for airlines without bigger stimulus bill


A JetBlue Airways Corp. plane taxis next to American Airlines Group Inc., Delta Air Lines Inc., and Alaska Airlines Inc. aircraft at Reagan National Airport (DCA) in Arlington, Virginia, U.S., on Monday, April 6, 2020.

Andrew Harrer | Bloomberg | Getty Images

Airline stocks fell Thursday after House Speaker Nancy Pelosi said there won’t be a standalone bill for additional aid for carriers without a larger coronavirus stimulus package.

Pelosi’s comments come two days after President Donald Trump halted talks for a national coronavirus package until after the election, but urged additional aid for the ailing airline sector.

Airlines last week started furloughing more than 33,000 workers. Carriers agreed not to cut any workers until Oct. 1 under the terms of $25 billion in support Congress approved in the $2.2 trillion CARES Act in March.

The funds were meant to help airlines manage a dip in demand but a significant rebound in air travel demand has failed to materialize. Airlines and labor unions have been urging lawmakers and the Trump administration to approve $25 billion more to preserve jobs through March 2021.

The proposal had won bipartisan support but lawmakers and the Trump administration had repeatedly failed to reach deals on further coronavirus aid.

Airline shares were up earlier in the day on hopes that Congress could advance stand-alone aid for the sector.

American Airlines’ shares were down 1.3% and United Airlines’ were off 0.3%. Southwest Airlines shares were down 0.5% while Delta Air Lines’ were off the day’s highs, up 0.2%.

This is breaking news. Check back for updates.



Source link

Discover

Sponsor

Latest

How to track your payment status

Those awaiting the arrival of the third stimulus payment, which the IRS began processing and depositing Friday, can now track its status on...

Aurora Cannabis, other pot stocks surge as marijuana legalization spreads in the US

Employees tend to marijuana plants at the Aurora Cannabis Inc. facility in Edmonton, Alberta, Canada, on Tuesday, March 6, 2018.Jason Franson  | Bloomberg...

Uber and Lyft lose appeal in case to reclassify workers

Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., listens during a panel discussion at the Bloomberg Global Business Forum in New York,...

BMW moves engine production out of Germany as plants there go electric

FRANKFURT — BMW on Wednesday said it will retool its German factories to build electric cars and components and shift manufacturing of combustion...