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Recovery: Airline aid package in the works

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Rescue and recovery efforts continue in New York.  


SUMMARY:

New York and Washington, the centers of commerce and government in the United States, continue to focus on helping survivors and their families and clearing thousands of tons of debris. Financial markets continued to express their uncertainty and airlines have furloughed employees, but some help is on the way: House Majority Whip Tom DeLay pledged to introduce legislation by the end of the week for a $24 billion package of loans, guarantees and outright compensation for the battered airline industry.

UPDATE:

In a joint news conference, DeLay and Continental Airlines chief executive Gordon Bethune outlined the critical need for immediate relief for the airline industry. Click here for more.

United and American were the latest of several major airlines to cut their workforces in the wake of the attacks. Each airline said it would lay off at least 20,000 employees.

Signs that the deadliest terrorist attack in history took a big bite out of corporate profits sent U.S. stocks falling for a third day Wednesday. But late buying cut the session's worst losses by more than half. The Dow lost almost 140 points, ending at 8,765.42 Wednesday, after falling as much as 423 points. The Nasdaq, which shed as much as 104 points, ended down 27.05 points at 1,527.47. The Standard & Poor's 500 index fell 16.58 to 1,016.12.

Even as New York struggles to clean up the thousands of tons of debris from the World Trade Center, the question has arisen as to what will replace the landmark twin towers. Some believe that the best way to recover from the disaster is to rebuild the towers in defiance of the attacks, while others have suggested creating a memorial to the victims at the site. Click here for more.


  •  Summary

  •  Update

  •  Key questions

  •  Impact

The White House and Congress have agreed on a $40 billion emergency aid package. About half of the money will go toward domestic humanitarian assistance and recovery efforts. The rest of it will go toward intelligence, law enforcement agencies and improved security for transportation systems. President Bush plans to activate as many as 50,000 members of the National Guard to help with recovery and security.

KEY QUESTIONS:

How long will it take to pick up the pieces in New York and Washington and return to some degree of normalcy?

How has the fabric of New York, Washington and the country as a whole been altered?

What measures will be taken to try to prevent a recurrence of such attacks?

How will these measures affect the American way of life?

What effect will the attacks have on the economy?

What will be the global effect?

IMPACT:

The events of September 11 exposed the vulnerability of the world's greatest superpower, presenting the United States with the challenge of recovering emotionally and physically.






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