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'Cash for Clunkers' Going Broke (shutting down Thursday night)
Politico ^ | July 30, 2009 8:44 PM | Staff

Posted on 07/30/2009 6:09:39 PM PDT by fight_truth_decay

The Obama administration is telling lawmakers that its much-touted "cash-for-clunkers" program is already running out of money and will be suspended Thursday night, according to three Senate aides familiar with the discussions.

The program — aimed at giving at boost to the U.S. auto industry — was supposed to expire at the end of October. But in the one week since it took effect, it appears to have run dry of the $1 billion allocated to it, aides said Thursday.

The White House will need to decide whether to push for more money at a time when it's also pushing an ambitious and expensive domestic agenda — or let the program fade after it was touted as a way to help Detroit while improving the environment.

One Michigan Republican, Congresswoman Candice Miller, has already come out in favor of extending the program, saying in a statement that “There can be no doubt that the Cash for Clunkers program is a complete success given the fact that the entire $1 billion allocated to the program was expended in less than a week."

She called the program "simply the most stimulative $1 billion the federal government has spent during the entire economic downturn."

Sen. Chuck Schumer (D-NY) also called the program a victim of its own success in a statement issued Thursday night: "This was a very successful program, maybe even too successful. The program should continue, but perhaps with a tune-up so that we get the most stimulus, conservation and efficiency for the buck."

White House aides were not immediately available for comment. The National Highway Traffic Safety Administration administers the program, but no one was available for comment Thursday evening.

Last Friday, registration began for dealers who wanted to participate in the program, which is intended to encourage consumers to trade in their old cars for a credit program to purchase new fuel efficient cars. Under the rules that went into effect last week, the purchased vehicles must be 2008, 2009 or 2010 models, and the vehicles must be purchased between July and November to qualify. And consumers would be able to receive a $3,500-$4,500 discount from car dealerships when they trade in their old vehicles and purchase a new one.


TOPICS: Business/Economy; Extended News; Government; News/Current Events
KEYWORDS: bhodot; cashforclunkers; clunkers; commiesareclunkers; congress; vehicularhomicide
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To: Sylvester McMonkey McBean

Evidently some of the “credit” the auto dealers gave they may not get back from the gov’t. because the cars didn’t meet the “standard” of a clunker.

I was also ready today that those who applied for the first time home buyers tax credit this year (by amending their tax return...which was evidently what the gov’t was suggesting) have had a long wait for their tax credit. Some have waited months w/out seeing the $$$.


41 posted on 07/30/2009 7:00:52 PM PDT by dawn53
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To: fight_truth_decay

...the beauty part of this is that it will hurt Obama-care....people figure this fiasco is a glimpse of what government run health care will be.


42 posted on 07/30/2009 7:01:52 PM PDT by STONEWALLS
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To: fight_truth_decay

The jackasses killed my baby.


43 posted on 07/30/2009 7:03:23 PM PDT by Loyal Buckeye
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To: fight_truth_decay
Apparently this was the only thing in the Stimulus Package that Stimulated anything.

They should rename it the Shovel Ready Cash for Clunkers program.

44 posted on 07/30/2009 7:04:21 PM PDT by Kickass Conservative (There is nothing wrong with the Government that 552 bullets couldn't cure...)
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To: palmer
One Honda and General Motors dealer in Fort Worth says he has 50 clunker deals that were being held up by paperwork. "We're going back to our second and third round with customers to have things signed," said Will Churchill, owner of Frank Kent Motor. "They keep coming up with new forms to sign," Churchill said........ Now the dealership is in a Catch-22 situation: he must destroy the engines of clunker trade-ins to be eligible for the program. But if the paperwork falls through, he could be stuck with junked, rather than still running, cars.
45 posted on 07/30/2009 7:05:59 PM PDT by fight_truth_decay
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To: Rome2000
Looks like the Recession hasn't affected Stabenow’s food supply.
46 posted on 07/30/2009 7:06:50 PM PDT by Kickass Conservative (There is nothing wrong with the Government that 552 bullets couldn't cure...)
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To: fight_truth_decay

So...the industry sold over 200,000 vehicles in a week? And, they all qualified for the full $4500 clunker payment?

Bull Puckey!

A billion dollars, divided by $4500 per ‘clunker’ comes out to 222,222 vehicles; that’s an annualized rate of 11.5 million vehicles. So, shouldn’t we be hearing about this amazing success from someone, anyone in the MSM?


47 posted on 07/30/2009 7:07:01 PM PDT by PubliusMM (RKBA; a matter of fact, not opinion. 01-20-2013: Change we can look forward to.)
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To: fight_truth_decay
Just imagine if you were waiting for Government Approved Heart Surgery.

Don't put him under yet, we're waiting for the Post Office to deliver the Surgery Approval paperwork.

48 posted on 07/30/2009 7:08:52 PM PDT by Kickass Conservative (There is nothing wrong with the Government that 552 bullets couldn't cure...)
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To: All

Updated:

49 posted on 07/30/2009 7:09:51 PM PDT by fight_truth_decay
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To: STONEWALLS
...the beauty part of this is that it will hurt Obama-care....people figure this fiasco is a glimpse of what government run health care will be

Oh, this is nothing , before these red sons of bitches are done destroying the economy we will be just like Husseins buddies over in Zimbabwe


50 posted on 07/30/2009 7:09:55 PM PDT by Rome2000 (Hussein Baraka Mook Kebba)
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To: fight_truth_decay

Cash for Clunkers will be back.

It’ll be known as “Cents for Seniors” health care program.


51 posted on 07/30/2009 7:10:08 PM PDT by Kieri (The Conservatrarian)
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To: Ge0ffrey

If only 22782 where traded in, why are they out of money?


52 posted on 07/30/2009 7:10:47 PM PDT by politicalmerc
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To: autumnraine

So just “vote” for more cash and it will be done right? I hate liberals.


53 posted on 07/30/2009 7:11:32 PM PDT by boop (Democracy is the theory that the people get the government they deserve, good and hard.)
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To: Kickass Conservative
Looks like the Recession hasn't affected Stabenow’s food supply.

They had better lay in extra tar and feathers when they come for her fat red rear.

54 posted on 07/30/2009 7:12:18 PM PDT by Rome2000 (Hussein Baraka Mook Kebba)
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To: LukeL

Supposedly dealers take in the clunkers, fix them up and ship them overseas. Net help to the environment=zero. Making liberals feel good=priceless.


55 posted on 07/30/2009 7:13:09 PM PDT by boop (Democracy is the theory that the people get the government they deserve, good and hard.)
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To: PubliusMM
Rep. Betty Sutton, D-Ohio, also a co-sponsor of CARS who wanted $4 billion, got the news from DOT Secretary Ray LaHood Thursday night, according to Sutton's chief of staff Nichole Francis Reynolds. Reynolds said, "The program's spent $150 million and has another $800 million to $850 million in (pending) obligations… This is one of those programs you can really see working." She says CARS has "overwhelming support" and Sutton was pressing to free more money to continue the program.

DOT could not be reached for comment Thursday night.

Wood said dealers were amazed at how many shoppers visited their showrooms this week. The program has been in effect since July 1, but the details were finalized only a week ago.

56 posted on 07/30/2009 7:13:35 PM PDT by fight_truth_decay
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To: Rome2000

thanks Rome2000!! those are really GREAT photos.


57 posted on 07/30/2009 7:14:54 PM PDT by STONEWALLS
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To: LukeL
Traded the ole 69 COPO Camaro for a Saturn Aura and got a $4,500 clunker discount and beat the deal up for another $900 (and a hat).

The Saturn has a little less power but that old Camaro - well she left a huge carbon footprint.

I feel like a fag in my new car.

58 posted on 07/30/2009 7:15:25 PM PDT by RedhairRedhair (I love my Toyota)
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To: fight_truth_decay

” One Michigan Republican, Congresswoman Candice Miller, has already come out in favor of extending the program, saying in a statement that “There can be no doubt that the Cash for Clunkers program is a complete success given the fact that the entire $1 billion allocated to the program was expended in less than a week.” “

So the criterion for success is how fast you can make a billion dollars disappear into thin air? And she’s a RePUBlican???????????

Time for a new Party, folks.

This one’s O-ver.


59 posted on 07/30/2009 7:18:13 PM PDT by Humble Servant (See y'all in the Gulag.)
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To: fso301

Our local news proudly reported that the feds paid owners $98 million getting old cars off the road.

They budgeted $1 billion.

I can do math as well as the next guy, where is the other $902 million dollars?


60 posted on 07/30/2009 7:19:19 PM PDT by dangerdoc (dangerdoc (not actually dangerous any more))
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