On Friday the House approved an additional $2 billion for the “Cash-for-Clunkers” auto sales incentive program. The program offers consumers federally backed rebates of up to $4,500 on trade-ins of “gas guzzlers” in order to purchase more fuel efficient vehicles. The program was properly called the Car Allowance Rebate System (CARS), and was passed last month.
The initial $1 billion fund for the program has already been used up, a sign that the auto sales stimulus is working, and working well. It is estimated over 250,000 vehicles have been sold under the plan since the program’s inception. The plan was introduced to help ailing auto sales, which were down 35% in the first half of 2009 from the adjacent time frame in 2008. It was the worst slump in over a quarter century
The new $2 billion proposal would last through September 30, 2010, drawing its funding from an Energy Department loan guarantee program, a program included in the general economic stimulus package.
The Senate is expected to act soon on the House approved bill, though some Senators are reluctant to use the Energy Department for funds. The White House supports the funding method on the basis that the “Cash-for-Clunkers” program has proven to be a practical, successful economic stimulus, not to mention a popular one.
"Consumers have spoken with their wallets and they've said they like this program," said David Obey (D-Wis).
Though the Senate is not scheduled to vote on Friday, lawmakers and supporters of the plan are hopeful for a passage early next week.
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i didnt proof read that so please forgive me,, it was just to long.. thanks
wowww,, lets all have a party! this is a whole lot of bull shiiz. i've watched this cash for clunkers on the t.v. news and i've listened about it on the radio and i have read about it on the internet and now i've read about it on this site. well, i've had it and sorry that your wedsite is the site that i need to blow the potato out of the tail pipe, since you too haven't really spoke the truth either.. it's in your brain and you thought about it, but you've decided to roll up your window and not say anything, just like every other person in america has done. let me back up some, because i just read your story again and i am going to take back my ' sorry" from you. you do not deserve it. anyway back to what i was saying and i was just going to make a brief statement about it, lets hope i still do. everyone one needs to stand up, get mad and fire all the big bonus car ceo's, and make any car dealer pay back the cash that they paid for the clunkers that came right out of the junk yard. i would like to see one of our crooked politician stand up and warn every dealer that they will go to jail for abusing this program. i would like for atleast one of our nations news reporter stand up and say, " i am a real news reporter and i well report the whole truth of the story ". i would like for atleast one of our U.S,A news channels stand up and say, " i am a real news station and we report the whole truth of the story no matter who's paying us " . i would like to see atleast one stock reporter website stand up and say, " i am a real stock web reporter and i like to push a stock now and then, but i will report the whole truth too ". ah f... it, my comments falls on lazy people ears.. OUR TAX DOLLARS ARE NOT FOR CAR DEALERS AND CAR MAKERS TO GET RICH ON! WHERE IN THE HELL ARE MY FREE DOLLARS THAT WILL UPGRADE ME TO A HIGHER LEVEL IN LIFE! ( not tax breaks ). haven't you lazy americans paid enough from your taxes, in your livelihood, not able to give as much to a your favorite charity as you did before? every american should ask bill clinton where is your 100,000 of dollars that he gave out back in his day to any foreigner who came over here that wanted to start a business. look around, who owns your neighbor hood convenience store, betcha it's someone shipping their money back to their country. and don't forget about the 5 year no taxes that came with the deal. if you can't afford to travel around the U.S.A or you just don't trave and has never left the state that you live in, let me give you some heads up on what is out there.. i travel 4 times a year, we go to a different part of the country everytime, why? because my wife wants to see everything and every state no matter where we go a foreigner owns every mom and pop convenience store. is this what bill clinton had in his mine? he must had, for one thing what kind of business can you start with 100k. he surely wasn't thinking of luring big corporations here with a pi ss azz 100k? hmm, maybe it was the polititicians that made money from OUR TAX DOLLARS AGIAN by creating it? like i said before where is my 100,000??? i too would like to start a business, that would upgrade my life, it would also upgrade me to a higher tax bracket to PAY MORE FRIGGING TAXES THAN NOT AT ALL!, unlike the 100k gift deal with no taxes for 5 years. ohh,, whats this about a gift??? don't you remember when bill clinton pass this back in his day that the 100,000 dollars to any foreigner who wanted to come here to start a business and pay no taxes for five years and was money that they didn't have to pay back either, a gift? sorry that you knew that. well, you must have known that after 5 years that they can sell their store to a relative and they too would not pay taxes for 5 years too and so on and so on and so on.. this brings me back to the cash for clunkers.. a lot of these cars are right out of the junk yards and back yards. cars that were not on the road anyway. lots were not putting anything in the air, most have already contaminated the ground water with all the oil that has leak out of them a long time ago. most was an eye sore not a threat to the ozone.. obama bill wasn't pass for cleaning up people back yards, it wasn't pass like this editor has reported and it damn sure wasn't pass to make the CAR DEALERS AND CAR MAKER TO PAY THIER CEO'S THIER TOTALLY UNREAL AMOUNTS OF BONUSES! well the editor, DB MOENNING did tell half the story, like most will, but they didn't tell the whole story, like most won't or told not too to tell.. yes DB, obama bill was to help the economy, but it was also design to help reduce the greenhouse affect, to cut our spending on oil too.. it was made to eliminate the gas guzzling that people were actually driving not cleaning up the yard. but these thiefing az holes car dealers and car maker are ripping the american tax paying people , and they know it, off again by getting OUR TAX PAYING DOLLARS FOR CARS THAT POEPLE ARE DIGGING UP FROM THEIR BACK YARDS AND WERE NEVER ON ANY STREET. frigging greed that's all. not one thought in their tiny little brains of their great grand children, not a one thought of breaking this country with higher taxes to pay for these programs, not one thought of the polar ice caps disappearing and we are living long enough to see it. not one thought of rising coastal waters that are displacing people all over the world. not one thought of the lost of land for rice that they enjoy eating. not one thought of the extinction of animals that thier children will never see. not one thought not one thought in their nutshells of a brain of making a gal of milk cost 6 bucks as our oil prices go up, not one thought that their greed is tearing the country down where we have to rely on another country so much that their grand children might be ruled by another nation. not one thought of where they would live with all the nuclear fallout in the air, ground and water after the oil nations decides to cut us off after they really start to think how we became and what the U.S.A did to become this great nation of today of some 200 years ago. and last to say, to the politicians, the car dealers, car makers, and even you sales poeple when your putting that down payment in your pocket for a clunker thats you know the only road its tires have touch is the little bit of road getting there don't come crying because water bill is 500.00 a month and you can't afford send your child to college or that you can't take your children fishing, because youv'e killed them all. AND DAMN SURE DON'T COME CRYING WHEN HAVE TO TELL YOUR GRAND CHILDREN THAT THEY MUST FOLLOW THIS OTHER NATION RULES BECAUSE WE LOST OUR FREEDOM, while your trying to suck some good air out of your gas mask fromall the nucler fallout.. so editor DB MOENNING, when there is a story to tell and a important one like this too, please tell the whole truthful story.. i really wanted to write just a few words, but i knew my writtings would get longer and longer.. sorry.