'Cash for Clunkers' Will Pass Senate, Reid Says

'Cash for Clunkers,' which provides tax incentives for car buyers turning in old gas-guzzlers, has Democratic support and little opposition.
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WASHINGTON (

TheStreet

) -- Senate Majority Leader Harry Reid says the "Cash for Clunkers" program will be extended.

Speaking to reporters after Democrats lunched at the White House with President Barack Obama, Reid (D., Nev.) declared, "We'll pass cash for clunkers before we leave here,"

The Associated Press

reported.

Reid's Republican counterpart, Sen. Mitch McConnell, (R., Ky.) concurred, and other Republicans said they had no plans to block the effort,

AP

said. But their agreement depends on whether Reid would allow them to make changes to a House-passed bill to infuse the program with $2 billion.

Defending Cash For Clunkers

Image placeholder title

The clunkers program helped

Ford (F) - Get Report on Monday to report a 2% year-over-year sales increase in July, its first monthly sales gain since November 2007. A HREF="http://www.thestreet.com/story/10562219/1/dont-trash-a-good-day-for-detroit.html" target="new">General Motors

and

Chrysler

also reported better-than-expected results.

-- Written by Ted Reed in Charlotte, N.C.

.