Less than one week after the U.S. Transportation Secretary Ray LaHood kicked off the Cash for Clunkers program on Monday, July 27, the Administration and House are scrambling to keep it going.
The program, designed to help consumers purchase new fuel efficient vehicles and boost the U.S. automobile sales, has exhausted the $1 billion fund.
So successful has been the Cash for Clunkers program that the House is expected to vote on Friday on a measure to transfer another $2 billion to replenish the program, from stimulus funds.
The program gives buyers of new, more fuel-efficient vehicles up to $4,500 in government rebates to turn in cars and trucks up to 25 years old that in most instances get less than a combined highway/city fuel efficiency of 18 miles per gallon.
[…] “Cash for Clunkers” progarm is soon coming to an end, some two months […]