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Trump proposes $25 billion bailout for U.S. airlines, President Trump approves Oracle, Walmart deal with TikTok, US gives reasons it warned citizens against travelling to Nigeria, lists 12 high risk states, Donald Trump, What does Iran’s war with America mean for Africa?, US to stop issuing visa for Birth Tourism, Trump Travel Ban List: Why Nigeria should be excluded  , US spends over $5b in health assistance to Nigeria in 20 years, gives $32.8m for covid-19, Oil Is Back, YouTube suspends President Trump's account

President Trump

Trump proposes $25 billion bailout for U.S. airlines

Chidi Emenike by Chidi Emenike
3 years ago
in Diaspora
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U.S. President Donald Trump has revealed his intentions of granting a $25 billion bailout to U.S. airlines, as efforts are geared towards ensuring the industry remains afloat having been severely hit by the impact of the pandemic.

Trump in lieu of this reality urged Congress to expeditely approve the sum of $25 billion as payroll assistance to US Passenger airlines. He opined that it is possible to achieve this funding plan, albeit subject to the optimization of unused funds from prior coronavirus relief.

READ: Global air passenger slump to persist till 2023 – Moody’s

Trump’s new demand is sequel to his previous refusal to advance talks with congressional democrats over plans to spend at least $1.6 trillion in additional coronavirus relief funds. Subsequently, Trump reversed his stand and issued a call on Twitter, urging Congress to immediately approve $25 billion for Airline Payroll support.

This timely response is very much needed given that many U.S. airline firms have commenced mass retrenchment of workers, for example, American Airlines (AAL.O) and United Airlines (UAL.O) last week began laying off 32,000 workers, but had said they would reverse course if lawmakers reach a deal on a new government program to fund payroll costs.

READ: British Airways pilots accept 20% pay cut to end job losses dispute

Their renewed mass retrenchment might be due to the expiration of a previous $25 billion airline payroll support program of mostly cash grants approved by Congress in March, which got expired on Sept. 30.

In support of the recent call, the House Speaker, Nancy Pelosi expressed solidarity for a standalone bill to keep airline workers on the job if a broader package could not be reached.

READ: PenCom should pay 50% of workers’ pension at retirement – TUC

Commenting on the recent development, the U.S. Travel Association said “with millions of Americans suffering, it is woefully shortsighted to end relief negotiations” and added that “without immediate aid, 50% of all travel-supported jobs will be lost by December — an additional loss of 1.3 million jobs.”


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Tags: American Airlines (AAL.O)Nancy PelosiPresident Donald TrumpU.S. Travel AssociationUnited Airlines (UAL.O)
Chidi Emenike

Chidi Emenike

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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