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.
If the car is candy apple red I would be ashamed.
” Say no to Obama care as its another Cash for Clunkers program. “
Cue Monty Python and the Holy Grail:
“Bring out yer dead, bring out yer dead..”
“I’m not dead yet”
“I know, but ‘e won’t be back for another week.” (bonk).
I'm looking at buying a 2010 Camaro, but I have to get the V-6 in order to use the Cash For Clunkers money. Turning in an old S-10 P/U.
Well jeez louise! If it is working so well, and a LOT of cars are being sold, then allocate a couple of more billion. Cars being sold, people being put back to work. What an idea!
How much will we get if we trade in 0bama? Now, there’s a real clunker.
Exactly. Do the Math, something is rotten in Denmark (no big surprise with Zero/gov involved).
The "end dollar" can most likely go overseas....
Kinda sad... sensitive really....I think of my vehicles as having had "family" adventures when I trade them in..there is some emotional attachment.
And my new one(not under this program) hit and severely injured a cat (shot out into the road) in the first week!! ...More than you want to know, so off subject!
They only made 2 red ones.
Hmmmmmmmmmmmmmmmmmmm. Let's see. $1 billion divided by, say, $4,000..........that's 250,000 units! In one week!
You FReepers in the car business. Is that possible?
Or is this one of those government programs where it's costing $10,000 to give away $4,000?
You are so correct that the Government can’t get it right on Cash for Clunkers they can’t get it right on something so complex as Healthcare for All.
Wow isn’t the timing great for this to fail.
Now we have something else to point out to our Congresscritters to vote no for National anything!
She is against the Coca Cola tax
Not to mention the energy and pollution created from the ore pit to the showroom floor. Next time you hear a greenie talk about the benefits of hybrids, mention this and watch their head explode.
Congratulations, and happy for you. Now the punk president has to deal with a horde of unhappy taxpayers who didn't get their piece of the pie.
The PR mishaps keep piling up. I am 75% sure the punk will be dumped in 2012 now.
Scam yes. The clunkers may be sent overseas.
Heard on some radio show, may be Rush, that a guy had a car that wasn’t working. The salesperson said it had to be working. Why? Because they were shipping overseas.
And I'd sure like to know where the billions went - who wants to bet cities with large ACORN groups got the money...
I traded my dodge ram V8 conversion van on July 2nd. Some dealerships started early. I bought a Toyota RAV. Got 4500 on the van. I’m sure the foreign cars will do better cause they get the most mpg. I would have kept the van but the AC had been broke for several years. It’s in a graveyard in Ohio....RIP my old ‘Beast’
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