Credit Unions OnlineCredit Unions Online
Credit Unions Online
Cash For Clunkers Program Out of Money?

Cash For Clunkers Program Out of Money?

The Associated Press is reporting that lawmakers are being assured by Transportation Secretary Ray LaHood that the "cash for clunkers" program, which has been overwhelmingly popular, will survive through Friday, at least. The Associated Press continues "Michigan Sen. Carl Levin said he got the word from the Obama administration as members of the Ohio and Michigan congressional delegations huddled on Capitol Hill to discuss ways to keep the popular program going. Levin, a Democrat, said he received assurances that cars could be purchased under the program on Friday." Whether the program continues beyond Friday depends on if the Obama administration can find funds to continue the financially-strapped program. Lawmakers from the Ohio and Michigan congressional delegations are working towards finding ways to keep the Cash for Clunkers program going.

UPDATE

The US House of Representatives has voted, 316-109, to provide another $2 billion for the Cash for Clunkers program. The US Senate is not expected to take up the vote until sometime next week. The Associated Press said that press secretary Robert Gibbs is seeking to assure consumers that the program is still running and will continue through "this weekend. If you were planning on going to buy a car this weekend, using this program, this program continues to run."

UPDATE 2

The Senate has passed the Cash for Clunkers bill, on a 60-37 vote on Thursday evening, to provide an additional $2 billion in taxpayers' money to fund the controversial program. Many attempts were made by Republicans and Democrats to amend the bill in the Senate, however with the House of Representatives at recess until September, a vote on any changes to the bill would have effectively eliminated the program. The Senate's approval, and anticipated president's signature, quickly dumps more taxpayer money into the economy, with a good portion going to the auto industry, foreign and domestic, with any real stimulus to the national economy being in doubt.

by Staff Writer
Published August 6, 2009
comments powered by Disqus
Find a Credit UnionCalculatorsHoliday ClosingsBlogInterest RatesBest Credit UnionsLargest Credit Unions
A Better Way to Bank? There's a Credit Union for That.℠
FacebookTwitter
What is a Credit Union?Privacy PolicyTermsAbout UsContact Us
Credit Unions Online, Since 1995. ©2017CommonBond- All Rights Reserved.