Business & FinancePolitics

Reuters reveals U.S. Congressional Democrats set to back more than $50 billion for transportation sector; market reacts

Reuters was first to report on Monday that Democrats in the U.S. Congress will release a sweeping plan to provide more than $50 billion in additional assistance to U.S. airlines, transit systems, airports and passenger railroad Amtrak, according to documents seen by Reuters and sources briefed on the matter. The $1.9 trillion COVID-19 relief proposal will provide $30 billion to transit agencies, $14 billion for passenger airlines, $8 billion to U.S. airports, $1 billion for airline contractors and $1.5 billion to Amtrak, the draft legislation says.

Market Impact

Airline stocks rose on news of the new funding, with American Airlines up 4.2%, United Airlines gaining 5% and Southwest Airlines jumping nearly 6%.

Article Tags
Topics of Interest: Business & FinancePolitics
Type: Reuters Best
Sectors: Business & FinanceEconomy & PolicyTransport & LogisticsTravel & Leisure
Regions: North America
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
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