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August 9, 2009

Cash For Clunkers gets $2B assist in the Senate; C.A.R.S. funded through Labor Day

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After a week of uncertainty and a lot of weighing in from all sides, C.A.R.S. (aka Cash For Clunkers) looks set to continue for another month, at least. The Senate confirmed the House’s $2 billion funding of the incredibly popular program yesterday in a 60-37 vote, mostly on party lines. President Obama has said he will sign the bill. The money should last through Labor Day, and rumor has it that C.A.R.S. won’t be extended again. In fact, one of the bill’s strongest supporters, Michigan Senator Carl Levin, said that he wants a specific end date set so that everyone’s clear how long they have to get rebates for their clunkers (we can see the “Last Chance!” ads that will run just before that date already).

The extension passed “clean,” without any of the amendments that had been tacked on. The Auto Alliance has hoped this would be the case, and Alliance CEO Dave McCurdy said he applauded what Congress and the President have done for auto makers and the industry. Both Ford and GM will consider increasing production if the program continues to be popular.

Whether or not car shoppers will continue to be as inspired to rush out and get their $4,500 for a new car is an important question. Since we don’t have a crystal ball, let’s see what the wisdom of the crowd can tell us. Do you think C.A.R.S. will keep pace for the next $2 billion?

View Poll

[Source: Detroit News, AP]

Continue reading Cash For Clunkers gets $2B assist in the Senate; C.A.R.S. funded through Labor Day

Cash For Clunkers gets $2B assist in the Senate; C.A.R.S. funded through Labor Day originally appeared on Autoblog Green on Fri, 07 Aug 2009 08:02:00 EST. Please see our terms for use of feeds.

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