Letter to the Speaker of the House of Representatives on Emergency Funding for Air Carriers

Dear Mr. Speaker:

In accordance with provisions of Public Law 107-42, the Air Transportation Safety and System Stabilization Act, I am providing up to $5 billion to the Department of Transportation's Compensation for Air Carriers account. These funds are urgently needed to enable the Nation's air carriers to meet the challenges resulting from the terrorist attacks of September 11, 2001.

I designate the entire $5 billion as an emergency requirement in accordance with section 252(e) of the Balanced Budget and Emergency Deficit Control Act of 1985, as amended. In addition, I have delegated the authority vested under section 101(a)(2) of the Air Transportation Safety and System Stabilization Act to the Secretary of Transportation.

The funds contained in this designation are intended to stabilize the air transportation industry and compensate air carriers for direct losses resulting from the Secretary of Transportation's order to ground all aircraft immediately following the attacks, as well as any similar orders that may be issued in the future.

The details of this request are set forth in the enclosed letter from the Director of the Office of Management and Budget. I concur with his comments and observations.

Sincerely,

GEORGE W. BUSH