U.S. lawmakers have approved an addition $2 billion to fund an immensely popular car trade-in program known as “cash for clunkers.”
The House of Representatives rushed a bill forward Friday to replenish funding for the program, which nearly exhausted its initial $1 billion funding limit within a matter of days.
President Barack Obama praised lawmakers for working quickly to pass the bill. His administration had promised to extend the initiative.
The legislation still has to be approved by the Senate, which is likely to vote next week.
“Cash for clunkers” gives car owners up to $4,500 in rebates to trade in older vehicles for more fuel-efficient models.
The government launched the program one week ago to boost U.S. auto sales and to improve the fuel economy of vehicles on the road. It was scheduled to run through November 1.
Some information for this report was provided by AP
SOMETHING is FISHY…..
Lets see… $1,000,000,000 (1 billion) in the original appropriation.
Using the largest possible per car amount of $4500, that would be 222,222 cars sold since July 1st??!!!
SOMETHING is going on here.