Kudlow: Trump administration to unveil aid for airlines in matter of weeks
REUTERS 11:43 AM ET 9/4/2020
Symbol Last Price Change | AAL | 13.16 | -0.2 (-1.5%) | | QUOTES AS OF 11:44:22 AM ET 09/04/2020 |
WASHINGTON, Sept 4 (Reuters) - White House economic adviser Larry Kudlow on Friday said that he thinks the Trump administration will in a matter of weeks unveil aid for U.S. airlines, which have been dealt a blow as the coronavirus outbreak grounded most flights.
"If they need additional assistance, we stand ready to work with them to hammer out additional packages," Kudlow said in an interview with Bloomberg TV.
Airlines for America, the main lobby for U.S. airlines, does not expect air travel to return to pre-pandemic levels until 2024 and is hoping for a second round of government aid to help the industry, Chief Executive Nicholas Calio said on Thursday.
U.S. passenger airlines are still collectively losing more than $5 billion a month as 30% of planes remain parked. Passenger travel demand is down about 70% and, on average, planes that are flying are half-full.
Last week, American Airlines(AAL) said its workforce would shrink by 40,000, including 19,000 involuntary cuts, in October unless the government extends aid for airline employee payrolls.
United said on Thursday it will need to cut 2,850 pilot jobs between Oct. 1 and Nov. 30 if the government does not extend assistance. (Reporting by Daphne Psaledakis and Tim Ahmann; Editing by Franklin Paul and Jonathan Oatis)
[Basically, the Trump admin will do as much as they can to prevent thousands of job losses just before the election.] |
