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The final Cash-for-Clunkers bill that President Obama signed into law back on June 24th carried a total of $1 billion in funding, which is a quarter of the amount the legislation initially called for. Dave McCurdy, president of the Alliance of Automobile Manufacturers, tells Automotive News that's only enough to cover roughly 250,000 vehicles and – assuming the program is successful – that Congress may vote in the fall to add more funding:

Uncle Sam might be ready to give you up to $4,500 if you swap an old polluting car or truck for a brand new - and more fuel efficient - vehicle. The Sutton Fleet Modernization bill, which passed the House yesterday and will now head to the Senate, requires the car being traded in to get less than 18 mpg, one mpg more than a previous and similar bill. Buyers who want the $4,500, need to buy a new car that gets at least 10 mpg more than the old one. The total cost of the program could reach $4.5 b