Green | July 31, 2009 | 2 comments

Cash for clunkers hits bump in the road

source: http://greenworkslinks.blogspot.com/2009/07/cash-for-clunkers-hits-bump-in-road.html

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MarkButkus
The Car Allowance Rebate System otherwise known as "cash for clunkers" may have already siphoned off the $1 billion that was budgeted for the program within a week of its launch.

White House and Transportation officials were sending mixed messages as to whether there was any more funding available for the program. The White House said that it was evaluating its option while the DOT was alerting lawmakers that they could suspend the program on Friday due to a lack of funds.

The much maligned program provides cash incentives of $3500-$4000 for consumers who trade in older vehicles for new more fuel-efficient models. CARS has proven so successful that an estimated 250 000 cars were sold in its first week.

Therein lies the problem.
  1. groups:
    Green
  2. tags:
    Economy,  Cars,  Fuel Economy,  Rebate
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2 comments // Cash for clunkers hits bump in the road

  • Rex_L
    • 0
      Rex_L  

    • Republicans have let everyone know that they are against the Cash for Clunkers bill. Republican opposition is also on the other hand stalling Senate efforts to keep the popular program alive. John McCain is one of those republicans who doesn't like the Cash for Clunkers bill – or anything good for anyone – and he is also a vocal opponent of the health care reform package, which is seen as a step towards universal health care, or Obamacare as it's described in the press. The Republican Party seems bent on putting short term loans and whatever else they can into stopping many of Obama's programs, regardless of how good of ideas they may be. The Cash for Clunkers bill might save people from needing no fax payday loans for a car payment, and stimulate auto sales if it's allowed to work.

    • 2 years ago
  • endovenoso
    • 0
      endovenoso  

    • like the article says, it is foolish not to keep the program going, more sales of american cars means less loans and more likely payback on the bailouts already extended, plus all the sales taxes rolling have to help cash strapped counties and states

    • 2 years ago
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