I'm not sure exactly what part 2 is, but if it is allowing cabotage then most of the legacy US carriers are goners. They barely withstood the last barrage of competition from the LCCs and since most of the mismanagement teams haven't really improved, I don't see them managing their way out the mess they would be in with more competition. Their only hope is to throw enough lobby money out there to block cabotage. They would be in way better shape without part 2 even if part 1 goes away. Honestly I see part one as more benefit to EU carriers since they are allowed to go from the US to other EU countries than they were allowed to before. If I remember correctly about the best thing the US carriers got were some more slots into London. I may be totally wrong about the part one stuff, but cabotage will kill the US Carriers and the US government would be foolish (not that they don't do plenty of other foolish things) to allow it.