Cash for clunkers NOT suspended......

Discussion in 'Wall St. News' started by S2007S, Jul 31, 2009.

  1. S2007S


    US Administration Working to Keep 'Clunkers' Program
    CNBC STAFF AND WIRE REPORTS_|_July 31, 2009_|_12:14 AM EDT
    The Obama administration and Capitol Hill sources told NBC News that efforts are underway to protect the auto sales incentive program, also known as "Cash for Clunkers."

    Although key members of Congress were notified by the Secretary of Transportation Thursday that the program would run out of money at midnight, sources said "Administration and Congressional officials are working to keep it up and running."

    The program has exhausted its authorized funding of nearly $1 billion in less than a week but officials say "it is not suspended."

    The program, which had been expected to run through Sept. 30, was designed to spur U.S. auto sales through consumer incentives.
  2. piezoe


    Wow, what a great idea! Your government borrows money from china and gives it to you to buy a car you likely would have bought anyway, in a year or two. You end up with a car, your car dealer ends up with china's money, and we all end up with the bill. :eek:
  3. MattF


    no problem we'll fight to keep it going and find the money...

    after we've now pissed off a bunch of dealers and consumers...
  4. Illum


    lol @ China. They won't let them bid on Opel and yet they get to pay for us to upgrade.
  5. I guess you weren't around last December when Bush "loaned" GM and Chrysler $17.4 billion with no strings, even though they wound-up going BK anyway . . . And you're having a problem with this program at ONE billion?

  6. It isn't suspended because the government is going to refund the program to $3 billion.
  7. $60 Billion isn't enuff for GM, lets spend a few Billion more so people can buy new cars.
  8. This is basically a tax break for a lot of consumer - infinitely preferable to loans and grants to badly run corporations.
  9. Exactly.

    This is one of the most direct and effective stimulus plans that has been rolled out thus far. Car dealers able to sell 250,000 vehicles in about a week . . . Wow!!!
  10. Still has to come up in the House for a vote, and Senate as well. Perhaps next week.
    #10     Jul 31, 2009