One part of the bill did receive a significant amount of cuts, with the $11 billion plan for tax cuts for new car buyers cut down to $5 billion. The provision originally made sales tax and interest deductible on auto loans of up to $49,500, saving the buyer of a $25,000 car about $1,500. With the cash set aside for the provision cut by more than 50%, the savings will likely be much different, and the maximum vehicle price will likely be cut as well. Barring any last minute changes, President Obama is hoping to sign the bill into law by Monday.
[Source: Detroit News]