Obama's billion-dollar "cash for clunkers" program has apparantly burned through it's billion. What a shocking non-surprise. A billion just doesn't go as far as it used to.
Aimed at boosting stagnant auto sales, "cash for clunkers" barely made a dent and is almost out of money, putting its future in question. Passed by Congress in late June and launched just a week ago, the program gives folks vouchers worth up to $4,500 for trading in their gas pigs on a down-payment for something more fuel-efficient. The highly buzzed effort was set to run until Nov. 1, or until money ran out. Now it's out.
Formally known as the Car Allowance Rebate System (er, CARS -- how clever!), the program was already heading for a temporary shutdown at midnight tonight. Federal transportation officials were getting worried that the program's popularity would drain the kitty by week's end. Then Transportation Secretary Ray LaHood called lawmakers this afternoon to warn them the program would be halted at midnight.
White House spokesman Robert Gibbs just said the administration is "evaluating all options" to keep the program funded. Fahgetabout it. That ship has sailed. Find yourself a good car donation program instead.
Aimed at boosting stagnant auto sales, "cash for clunkers" barely made a dent and is almost out of money, putting its future in question. Passed by Congress in late June and launched just a week ago, the program gives folks vouchers worth up to $4,500 for trading in their gas pigs on a down-payment for something more fuel-efficient. The highly buzzed effort was set to run until Nov. 1, or until money ran out. Now it's out.
Formally known as the Car Allowance Rebate System (er, CARS -- how clever!), the program was already heading for a temporary shutdown at midnight tonight. Federal transportation officials were getting worried that the program's popularity would drain the kitty by week's end. Then Transportation Secretary Ray LaHood called lawmakers this afternoon to warn them the program would be halted at midnight.
White House spokesman Robert Gibbs just said the administration is "evaluating all options" to keep the program funded. Fahgetabout it. That ship has sailed. Find yourself a good car donation program instead.
The program helped to get at least 222,222 gas guzzling cars or SUVs off the road, thereby saving us from excessive carbon emissions from these vehicles. It also stimulated the heck out of the economy by increasing auto sales. What a great job, and a great idea. Let's hope they fund it with another billion.
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