By Megan Cerullo Reporter, MoneyWatch Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting. Read Full Bio Kris Van Cleave Kris Van Cleave Emmy Award-winning journalist Kris Van Cleave is the senior transportation correspondent for CBS News based in Phoenix, Arizona, where he also serves as a national correspondent reporting for all CBS News broadcasts and platforms. Read Full Bio Faris Tanyos News Editor Faris Tanyos is a news editor for CBSNews.com, where he writes and edits stories and tracks breaking news. He previously worked as a digital news producer at several local news stations up and down the West Coast. Read Full Bio Updated on: May 2, 2026 / 10:00 AM EDT / CBS News Add CBS News on Google Spirit Airlines announced early Saturday morning that it was ceasing operations after the budget carrier failed to secure a $500 million federal bailout. Spirit Aviation Holdings, the airline's parent company, said in a news release that it "regretfully announced" that it had "started an orderly wind-down of operations, effective immediately.""All Spirit flights have been cancelled,
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