Good morning, readers. This week I'm in Bangkok for Skift's Asia Forum. One of my favorite parts of traveling in 2026 is getting unvarnished hot takes from those living outside the United States on what's happening inside it (I get these whether I request them or not).

So for those who are in attendance, please do find me and say hello. And by all means, give me your thoughts on the Trump Effect. We can be very off the record.

And oh, I have something to bring to show-and-tell. Because this week, the President of the United States floated the idea of the federal government buying my frenemy Spirit Airlines (as Spirit is to all Michiganders).

"We're thinking about it … helping them out, meaning bailing them out or buying them," Trump said during an Oval Office event on Thursday. "I think we just buy it."

The logic, as Trump laid it out: Spirit has good aircraft, good assets, and oil prices will eventually come down. At which point, the U.S. government — now moonlighting as a budget airline holding company — sells it for a profit. "We'd be getting it virtually debt free," he said. "When the price of oil goes down, we'll sell it for a profit. I'd love to be able to save those jobs, I'd love to be able to save an airline. I like having a lot of airlines so it's competitive."

This was not a totally out-of-nowhere moment. Spirit confirmed during a bankruptcy court hearing the same day that it's in advanced talks with the government about a financing deal. According to a source familiar with the matter, the terms under discussion would have the government extend Spirit a $500 million loan in exchange for warrants giving it the option to take a significant stake in the carrier. The government would be placed ahead of other bondholders in the capital structure.

Spirit's lead attorney, Marshall Huebner of Davis Polk, said at the hearing that the deal had been shared with Spirit's primary creditor groups and would make the carrier a "fierce competitor" in the industry. He also noted that if the deal closes, consolidation could be on the table for Spirit once it exits bankruptcy. A total of 17,000 jobs are at stake.

The reactions fell roughly where you'd expect.

Senator Ted Cruz, chair of the Senate Commerce Committee, was not enthusiastic. "The TARP corporate bailouts were a huge mistake & the government doesn't know a damn thing about running a failed budget airline (that the Biden admin killed)," he posted on X.

United CEO Scott Kirby was similarly unmoved, telling analysts Wednesday that the industry simply doesn't need a government bailout. "Well-run airlines are still solidly profitable even in this environment," Kirby said. "As you see from United, I don't think this crisis is anywhere near big enough to cause the need for an airline bailout."

Senator Elizabeth Warren's question, posed on X, was less sympathetic and more pointed: "What do the American people get out of this taxpayer bailout? Will the failed airline executives be held accountable?"

A fair question! One we do not yet have an answer to. More on this as it develops. In the meantime — find me in Bangkok.