Have a clunker you're looking to trade in? Do it today. You may not have an opportunity tomorrow.
The Wall Street Journal reports, "Transportation Secretary Ray LaHood said Sunday that unless the Senate approves $2 billion in additional funding, the Obama administration could be forced to halt as early as Tuesday the ‘cash for clunkers' program that has become one of the most visible and fast-acting of the government's economic-stimulus programs." Americans apparently claimed most of the $1 billion set aside for the program in about one week. Transportation department officials have added staff to attempt to work through a backlog of dealer applications for vouchers, but have not provided an estimate of when they will know for certain how many vouchers have been claimed.
The Washington Times reports, "The White House is now seeking a $2 billion extension." The House of Representatives approved the extension Friday before recessing for August. The Senate, which plans a recess beginning Friday, hopes to take up the matter this week.
The fate of the additional funds in the Senate, however, is far from certain. Organized opposition is growing, led by a block of Republican Senators who voted against the measure when it first passed, according to The New York Times. "Senator Jim DeMint, Republican of South Carolina, said the ‘cash for clunkers' program was an example of the ‘stupidity coming out of Washington right now,'" the Times reports. "On Friday a spokeswoman for Senator John McCain, Republican of Arizona, said Mr. McCain would lead a filibuster against the bill to give the program more money."
With the fate of the added funds uncertain, thousands of shoppers took advantage of the offer as quickly as they could over the weekend. The Los Angeles Times reports, "The overwhelmingly popular $1-billion federal effort to stimulate auto sales gave dealers another busy weekend, capping nine days of activity they hadn't seen in a long time...Monthly auto sales to be reported today should indicate just how popular the program has been," but Ford Motor Co. has already predicted that it "expects to report a year-over-year jump in monthly sales -- the first such increase in about two years."
If you're interested in the Cash for Clunkers program, check out our Cash for Clunkers page. If you're ready to buy, contact local dealers. For the latest news on the program, check out Cash for Clunkers news.
