The U.S. Senate has passed a proposal to give Americans a voucher, worth up to $4,500 toward the purchase of a new car when they trade in an older, less fuel-efficient model. The measure has already passed the House of Representatives and has the support of President Obama, so it is expected to become law this summer.
For a detailed explanation of the program, read our Cash for Clunkers Q &A.
The Washington Post reports that the bill "passed by a 91 to 5 vote but not before some Republican lawmakers unsuccessfully sought to strip the measure from the bill." The final legislation contained $1 billion worth of funding for the so-called "cash for clunkers" provision - far less than the $4 billion supporters had originally requested.
Reuters notes, "The program will be implemented by the Transportation Department and this is expected to happen by early August. As part of their duties, the Transportation Department will create a public website for consumers and dealers to get more information, will certify ‘cash for clunkers' dealers and distribute the program vouchers."
For more information on the cash for clunkers bill, check out our Cash for Clunkers page, where we've gathered the latest cash for clunkers news and what it means for you.
