$1-billion clunkers bill awaits president's OK
WASHINGTON -- Buyers, start your engines.
The U.S. Senate on Thursday sent a $1-billion cash-for-clunkers measure to President Barack Obama for his signature -- affixed to an unrelated, $106-billion war spending bill. Once he signs, as expected, the government will have a month to come up with how it's going to run the program, which should put $3,500 to $4,500 in the pockets of about 250,000 people trading older gas guzzlers in for new, more environmentally friendly vehicles.
The program won't last beyond Nov. 1 under the available funding -- which could run dry long before that.
• Q&A: Understanding cash-for-clunkers voucher plan
"I think we'll see the funds going pretty quickly," said Sen. Debbie Stabenow, a Michigan Democrat who has fought for months to get a program under way to spur car sales and help automakers and dealers through the current downturn.
Republican critics complained that the cash-for-clunkers measure was an extravagance and represented more government aid for Detroit's ailing carmakers. Some Democrats, meanwhile, complained the program didn't go far enough to ensure people bought the most fuel-efficient vehicles available.
What's certain is that the automakers and dealers need the help. May's sales numbers were the best of the year for the U.S. auto industry -- with more than 923,000 cars, trucks and SUVs sold -- but that was off more than 30% from May 2008.
The clunkers program covers imports as well as vehicles made by Detroit's automakers.
We will keep you posted with all the latest information regarding this program! Check often for updates.
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