REPORT: House approves $2 billion more for Cash for Clunkers, Senate votes next week
The Cash for Clunkers program will reportedly continue through the weekend and into next week when the funding bill arrives in the Senate where swift passage might not be guaranteed. The original bill that launched the program had many detractors in the Senate, some of who may see this as a second opportunity to either end the program or makes its fuel efficiency requirements even stricter. Even the amount of $2 billion could change – for better or worse – before the bill is approved by the Senate.
What should be obvious to everyone, however, is that if the original funding of $1 billion lasted less than a week, can we expect another $2 billion to extend the program more than another two weeks? The original program was slated to receive $4 billion in funding, but it's now clear that even full funding would've been exhausted far short of C4C's original end date in November. Meanwhile, despite reports from dealers that the program's reimbursement process is a mess, at least we know consumers are out there taking advantage of it.
[Source: CNN Money Autos | Photo by Justin Sullivan/Getty]
- Biggest automotive sales disappointments
- Fastest-depreciating cars in the United States
- Find and compare 2017 Models