If you're hoping to trade in your clunker this weekend, we have good news for you.
The federal government's wildly popular Cash for Clunkers trade-in program will run at least until Labor Day, officials estimate, thanks to $2 billion in additional funding passed by the Senate last night.
The New York Times reports, "The measure, approved by 60 to 37, extends the successful program that has raised sales of the U.S. auto industry." President Obama is expected to sign the legislation quickly, allowing the Department of Transportation to continue the program without interruption.
The AP notes, "Last week, the government said the program was running out of money and the fund would be exhausted by Friday if it was not replenished." Data as of late Tuesday showed that "more than $775 million of the original $1 billion had been spent, accounting for the sale of nearly 185,000 new vehicles." However, Department of Transportation officials had not finished processing all applications for vouchers at that point, so a precise count was not possible.
The Los Angeles Times reports, "The Obama administration said, the money should last through Labor Day," and could prompt another half-million vehicle sales.
The Washington Post notes, "Seven of 40 Republicans crossed party lines to support the measure, while four Democrats voted against it." Opponents, realizing they would not stop the additional funding, attempted to slow its passage by offering a series of so-called "poison pill" amendments meant to make the bill less attractive to supporters, but none of the measures passed.
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.
