Cord Byrd: “the bill currently before the Senate provides $5 billion in immediate direct cash assistance to the airline industry. It…”

“the bill currently before the Senate provides $5 billion in immediate direct cash assistance to the airline industry. It also provides up to an additional $10 billion in loan guarantees for the airlines. This bill is not simply an authorization bill. It is also an appropriations bill which provides funding over and above the $40 billion Emergency Supplemental Appropriations Bill that the Senate passed one week ago today. The airline industry is essential to this Nation's commerce. It produces about $125 billion annually and creates work for thousands of manufacturers and other companies. The Federal Government cannot allow this industry to fold without seriously disrupting the United States economy. That fact is not lost on this Senator. However, we have now reached an important turning point in the relationship between the Federal Government and the airlines, and this should not go unnoticed. As of this day, the airlines are now required to live off the generosity of the general treasury. We are about to grant them several billion dollars of assistance, not from the Aviation Trust Fund, not from any ticket taxes from airline passengers, but from the general treasury. We are talking about money from people's income taxes, including the income taxes of millions of Americans who did not board a plane last year, who will not board a plane this year, and who will not board a plane next year perhaps.”