Spirit, the iconic budget carrier known for its bright yellow planes and bare-bones service that became a punchline for late-night comedians, has struggled to survive. The industry's costs ballooned after Covid, as customer tastes changed for more upmarket offerings and international destinations.

Trump referenced Martin Luther King Jr., mused about possibly buying Spirit Airlines and boasted about his ballroom during two White House events.

Sen. Ted Cruz called the Trump administration's proposed Spirit Airlines bailout an "absolutely terrible idea" as the carrier faces bankruptcy.