Cash for Clunkers $2 billion extension
Obama hopes the U.S. Senate will pass a $2 billion extension to a rebate program dubbed “Cash for Clunkers” as early as Wednesday. The used automobile government rebate program gives drivers up to a $4,500 incentive to trade their old car for a fuel-efficient vehicle.
Washington government lawyers legal news alert-Obama administration urges Senate to pass fuel efficient vehicle exchange program.
Washington, D.C.–An extension to the popular government automobile rebate program passed through the United States House of Representatives last week. The current program is at risk of coming to a halt if the Senate doesn’t approve the transfer of $2 billion from an economic stimulus account used to subsidize renewable energy. The transfer of the funds to the federal “Cash for Clunkers” program would last through September reported the Associated Press on Tuesday.
As of Tuesday, the federal automobile renewal and stimulus program recorded 157,000 transactions totaling $664 million. The amazing figures revealed by the “Cash for Clunkers” program reported eighty-three percent of the motor vehicles traded were SUVs or trucks and sixty percent of the automobiles purchased were passenger cars. The additional $2 billion needed dollars is suspected to generate about 500,000 car sales. Major American automobile manufacturers are claiming the federal automobile stimulus program “Cash for Clunkers” helped their bottom line number with Ford reporting a 2.4 percent increase in July.
Legal news reporter, Heather L. Ryan information for government lawyers and automotive consumers.