Updated with news on House vote to extend program.The "cash for clunkers" program is perhaps the single most successful government stimulus to date. Incredible public response to the program may have drained its allotted $1 billion budget in just one week. The House rushed to extend "cash for clunkers" Friday, voting 316 to 109 to shift $2 billion in emergency funding from the $787 billion economic stimulus plan to the popular program. Because the measure was placed on the suspension calendar, two-thirds of lawmakers had to vote extend it. At 8:45 a.m. Friday, GM dealers were notified that the "CARS" claims submission Web site would be open and that all claims submitted Friday would be honored. "Cash for clunkers" offers as much as $4,500 to consumers who trade in old vehicles to buy more fuel-efficient alternatives. The program began July 24, fueling the already revved-up auto industry.
|The government's popular "cash for clunkers" program is running out of money as car shoppers flock to dealerships to take advantage of the rebates.|
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