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Business class of an American Airlines flight, 2018. Photo: Jeff Greenberg via Getty Images

In an interview with Axios on Monday, Booking.com CEO Glenn Fogel said he believes "the share of business travel will be forever lower than pre-pandemic."

Why it matters: Business travel has an outsized impact on parts of the travel and leisure industry, which is in the midst of adapting to post-pandemic demand.

  • For example, only about 12% of air travel comes from business passengers, but they represent 75% of an airline's profits, according to travel software provider Trondent.

What's happening: Booking.com introduced a new $50 credit for future travel as an incentive to help drive demand for leisure trips — a segment that is expected to pick up faster than business travel.

  • "We need to help get this industry back up and running, traveling safely," Fogel said.

The big picture: The CDC issued new guidelines on Friday for U.S. domestic travel as the number of people who have been fully vaccinated climbs to near 20%.

Thought bubble from Axios transportation correspondent Joann Muller: There are unmistakable signs of pent-up demand for leisure travelers, but business travel is likely going to take much longer to recover, in part because companies are still trying to figure out what return-to-work looks like.

  • It will be easy to replace some corporate travel with virtual Zoom meetings, but when it comes to things like sales, where competition is intense and it’s important to "read the room," travel will become a necessity once more.

Go deeper

CDC guidance says cruise ships won't need to mandate vaccines

Photo: Jane Tyska/Digital First Media/East Bay Times via Getty Images

The Centers for Disease Control and Prevention said Monday that while it recommends all staff and travelers aboard cruise ships be vaccinated for COVID-19, cruise companies do not need to mandate vaccines in order to resume travel safely.

Why it matters: Cruise ships were some of the first super-spreader sites for the coronavirus in 2020 and have been docked ever since.

House passes government funding, debt ceiling bill

Speaker Nancy Pelosi. Photo by Kevin Dietsch/Getty Images

The House passed a bill on Tuesday to fund the government through early December, along with a measure to raise the debt ceiling through December 2022.

Why it matters: The stopgap measure, which needs to be passed to avoid a government shutdown when funding expires on Sept. 30, faces a difficult journey in the Senate where at least ten Republicans would need to vote in favor.

3 hours ago - Politics & Policy

The Democrats' debt dilemma

Illustration: Aïda Amer/Axios

Democrats find themselves in a political and potentially catastrophic economic quagmire as Republicans stand firm on denying them any help in raising the federal debt ceiling.

Why it matters: The Democrats are technically right — the debt comes, in part, from past spending by President Trump and his predecessors, not only President Biden's new big-ticket programs. But Senate Minority Leader Mitch McConnell (R-Ky.) is saddling them with the public relations challenge of making that distinction during next year's crucial midterms.