Friday, July 31, 2009

Popular Cash For Clunkers Not Suspended

The program that allows people to trade in their car for $3,500 or $4,500 discount on a new car may have run out of money in its first weekend. But contrary to media reports, it hasn't been suspended and it could be extended:
On cash for clunkers, Gibbs says the administration is working to find and develop ways to continue funding the program. Right now, he says, the program is "up and continuing to run."

"We feel confident that we'll have a solution...and that the program continues," he says.

For those wishing to buy a car this weekend, Gibbs continues, "the program will be in place." Politico
Yesterday republican Pete Hoekstra twittered that he was impressed with the program, so there will likely be republican support to continue the program.
Update, Obama's statement on the House approving more funds:
"I want to thank leaders in the House of Representatives for working quickly and in a bipartisan way to pass legislation that will use Recovery Act funds to keep 'Cash for Clunkers' going. This program has been an overwhelming success, allowing consumers to trade in their less fuel efficient cars for a credit to buy more fuel efficient new models. It has given consumers a much needed break, provided the American auto industry an important boost, and is achieving environmental benefits well beyond what was originally anticipated. The program has proven to be a successful part of our economic recovery and will help lessen our dangerous dependence on foreign oil, while reducing greenhouse gas emissions and improving the quality of the air we breathe. I urge the Senate to act with the American consumers in mind to pass this important legislation."