Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

United CEO Oscar Munoz. Photo: Nicholas Kamm/AFP via Getty Images

United Airlines CEO Oscar Munoz said in a letter sent Monday to Treasury Secretary Steven Mnuchin and congressional leaders that the coronavirus outbreak's financial impact on airlines is "much worse than the stark downturn that we saw in the aftermath of the 9/11 attacks," as first reported by Politico.

Why it matters: Munoz asked government leaders "to please act quickly — this week — to protect our livelihoods" and projected that the company's revenue this month will be $1.5 billion lower than March 2019.

  • United said in a statement Sunday that it will cut capacity by about 50% for the rest of March, April and May.

What he's saying:

"March is typically our busiest month of the year. This year, in just the first two weeks of March, we have welcomed more than one million fewer customers on board our aircraft than the same period last year.
"The bad news is that it’s getting worse. We expect both the number of customers and revenue to decline sharply in the days and weeks ahead.
"To be clear, we’re asking for bipartisan action by the Administration and the United States Congress this week to offer support to the men and women of United Airlines. Their jobs are now at risk because United had to stop service to countries with travel bans and we’ve been forced to dramatically shrink our schedule in response to dramatically shrinking demand."

The big picture: Many airlines are cutting capacity and making emergency cost reductions to align with diminished travel demand.

  • Delta announced last week that it will reduce its flight capacity by 40% for the next four months due to the coronavirus outbreak, a dramatic increase from its original 15% reduction.
  • Virgin Atlantic announced Monday that is asking staff to take eight weeks of unpaid leave as it reduces flights per day by 80% and grounds about 75% of its fleet.

What's next: President Trump vowed this week to "backstop" airlines that have been hurt by reduced demand during the coronavirus outbreak, saying the issue is "not their fault."

  • U.S. airlines are seeking more than $50 billion in financial assistance from the government, which is three times the size of the industry’s bailout following the Sept. 11 attacks, according to the Wall Street Journal.

Go deeper

Updated 35 mins ago - Health

Texas to end all coronavirus restrictions

Texas Gov. Greg Abbott speaking at the White House in December 2020. Photo: Al Drago/Bloomberg via Getty Images

Texas will end its coronavirus restrictions next week with an upcoming executive order, Gov. Greg Abbot (R) announced Tuesday during a press conference in Lubbock.

Why it matters: After Abbott signs the new order, which rescinds previous orders, all businesses can open to 100% capacity and the statewide mask mandate will be over, though large parts of the state will remain under mask local ordinances.

Senate confirms Rhode Island Gov. Gina Raimondo as commerce secretary

Rhode Island Gov. Gina Raimondo (D). Photo: David L. Ryan/The Boston Globe via Getty Images

The Senate voted 84-15 on Tuesday to confirm Rhode Island Gov. Gina Raimondo to lead the Commerce Department.

Why it matters: The agency promotes U.S. industry, oversees the Census Bureau, plays a key role in the government's study of climate change through the National Oceanic and Atmospheric Administration, and evaluates emerging technology through the National Institute of Standards and Technology.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: CDC director warns "now is not the time" to lift COVID restrictions — Exclusive: Teenagers' mental health claims doubled last spring.
  2. Axios-Ipsos poll: Americans' hopes rise after a year of COVID
  3. Vaccine: J&J CEO "absolutely" confident in vaccine distribution goals — Vaccine hesitancy is shrinking.
  4. World: China and Russia vaccinate the world, for now.
  5. Energy: Global carbon emissions rebound to pre-COVID levels.
  6. Local: Florida gets more good vaccine newsMinnesota's hunger problem grows amid pandemic — Denver's fitness industry eyes a pandemic recovery.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!