Hold On to Your Clunkers, the Cash Is Coming
The Senate is finally getting around to approving more money for the wildly successful "cash for clunkers" program, which seems to have saved the auto industry from the forces of recession and bankruptcy. With an additional $2 billion on the way, the administration hopes to transform 500,000 more clunkers into cleaner, smaller, more efficient vehicles.
The Senate is finally getting around to approving more money for the wildly successful “cash for clunkers” program, which seems to have saved the auto industry from the forces of recession and bankruptcy. With an additional $2 billion on the way, the administration hopes to transform 500,000 more clunkers into cleaner, smaller, more efficient vehicles.
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The government said Wednesday that more than $775 million of the $1 billion fund had been spent, accounting for nearly 185,000 new vehicles sold. President Barack Obama has said the program would go broke by Friday if not replenished by Congress.
Administration officials have estimated the additional $2 billion could fund another 500,000 vehicle sales and last into Labor Day.
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