Major airlines sought a U.S. government bailout of more than $50 billion as the White House move urgently drafting a financial assistance package in the wake of the steep falloff in U.S. travel demand.
It is a staggering request for an industry that has chalked up tens of billions in profits over the past decade. It would far exceed the bailout that airlines got after the terror attacks of September 2001.
Airlines for America, the trade group representing American Airlines, United Airlines, Delta Air Lines, Southwest Airlines and others, said the industry needs $25 billion in grants, $25 billion in loans and significant tax relief to survive.
It warned that without action all of their members could run out of money by year-end - and even sooner if credit card companies stared withholding payments.
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