Speaking at the Reuters Travel and Leisure Summit in New York, Priceline.com Chief Executive Jeffery Boyd and Orbitz Worldwide CEO Barney Harford said separately they are seeing pressure on business travel bookings as companies look for quick ways to cut costs.

"There's been a more rapid downturn in business travel than leisure travel," Boyd said.

Boyd linked the decline in business travel, in part, to efforts by executives to avoid criticism that they are wasting company money on unnecessary travel. He said complaints by politicians about expensive corporate travel is putting additional and unfair pressure on the struggling industry.

Get the full story at Reuters