House Speaker Nancy Pelosi (D-Calif.) on Friday called on airlines to "delay their devastating job cuts as relief for airline workers is being advanced in Congress," vowing to enact "bipartisan stand-alone legislation" or "a comprehensive negotiated relief bill, extending for another six months the Payroll Support Program." Pelosi's comments immediately jolted the stock market, and an index of United States airlines rose 3.2 percent shortly after her statement, Bloomberg reports.
On Thursday, airlines began the furloughing of more than 33,000 employees following the expiration of a $25 billion federal payroll aid package, which was enacted in March. Under the terms of the aid, the airlines — which, much like many other industries, have been pummeled by a decline in bookings due to COVID-19 — were not allowed to cut jobs until October 1. American Airlines CEO Doug Parker on Wednesday said the layoffs of 19,000 of the company's workers could be avoided with a further extension of the aid. "We implore our elected leaders to reach a compromise, get a deal done now, and save jobs."
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