Political Quotes

“I want to make a point, too, that this is not a pension fund that has been underfunded for a long period of time. This isn't like a lot of the industries that have been in bad shape for years. I believe this pension fund is overfunded as recently as 2 rac{1}{2} years ago. So this is not a chronically bad pension fund that all of a sudden is now coming into bankruptcy and asking for help. This is a fund that has been dramatically affected by two things: No. 1, obviously, September 11. One can make the argument that no other airline was affected more by 9/11 than US Airways. Why? Because they closed the most profitable place they operate--Reagan National Airport. Who did that? The Federal Government. They closed their most profitable center at Reagan National Airport for an extended period of time--the place that was the most effective with air travellers for US Airways. That is where the traveling fell off most dramatically. That had a huge impact on their ability to pay into their pension. No. 2, obviously the decline in the market. The 'perfect storm,' if you will, hit US Airways and put them in a particularly bad situation. And for them to come to the PBGC and say: Look, this is not a long-term problem, this is a problem that happened which is a very unusual event. Give us an opportunity to work ourselves out of the hole.”