After passing the House of Representatives, the "Cash for Clunkers" bill has made its way through the US Senate. The bill now heads to the White House for President Obama's signature.

Supporters of the new law consider it a win-win-win situation for consumers, automakers, and the environment. Consumers get large rebates in a down economy, stimulating car sales to help struggling automakers and dealers. The environment benefits from the removal of polluting clunkers from the roads.

Critics point out that the new law provides discounts and incentives on vehicles that would otherwise not be considered fuel-efficient. People who upgrade to the latest model SUV or truck might only gain 1 mpg and receive a substantial rebate for their minimal impact on the economy or environment - at the expense of the taxpayers.

The new law will establish a new $4 billion program for the Secretary of Transportation to provide vouchers to offset the purchase or lease of a new vehicle upon the trade-in of a less fuel-efficient used vehicle. The program, known as the "Cash for Clunkers Temporary Vehicle Trade-in Program," would be established within the National Highway Traffic Safety Administration.

Voucher Program: The bill would establish a program to issue electronic vouchers between $3,500 and $4,500 to offset the purchase of a new vehicle upon the trade-in of a vehicle with less fuel efficiency.

Voucher Qualifications: Under the legislation, vouchers would be issued at a value of $3,500 or $4,500, based on the fuel-efficiency of the new automobile as compared to the trade-in.

$3,500 vouchers would be issued if:

• The new automobile is a passenger vehicle with fuel economy that is at least four miles per gallon higher than the trade-in.
• The new automobile is a category one truck with fuel economy that is at least two miles per gallon higher than the trade-in.
• The new automobile is a category two truck which gets at least 15 miles per gallon and has a fuel economy that is at least one mile per gallon higher than the trade-in. This would also apply to a category three truck from model year 2001 or earlier.
• The new automobile is a category three truck and the trade-in vehicle is a category three truck from model year 2001 or earlier.

$4,500 vouchers would be issued if:

• The new automobile is a passenger vehicle with fuel economy that is ten miles per gallon higher than the trade-in.
• The new automobile is a category one truck with fuel economy that is at least five miles per gallon higher than the trade-in.
• The new automobile is a category two truck which gets at least 15 miles per gallon and has a fuel economy that is at least two miles per gallon higher than the trade-in.