Financial Times FT.com

Bush feels heat over auto loan

By Daniel Dombey and Krishna Guha in Washington

Published: December 14 2008 20:30 | Last updated: December 14 2008 20:30

President George W. Bush was on Sunday facing growing pressure from his own party to impose wage cuts and debt write-downs on the US’s troubled auto industry as conditions of the $14bn-$15bn emergency loan Detroit says it needs.

Republicans have stepped up their calls for Mr Bush to go far beyond legislation that failed in Congress last week and set tough demands on General Motors and Chrysler for lower labour costs and a debt/equity exchange.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this