UPDATE: CNN is reporting that the House just passed $2 billion extension to keep CARS “Cash for Clunkers” going; Senate expected to vote later.
Cash for Clunkers” – the $1 billion taxpayer-funded program for new car buyers – is already out of money after just one month! Democrats are trying to infuse the program with $2 billion more of our tax dollars by the end of today to keep it on the road through the weekend!
The program, you might remember, gives buyers up to $4,500 for their trade-in on a vehicle that is more environmentally friendly.
Giving the impression that our tax dollars are removing smoke-belching eyesores from the road, the Car Allowance Rebate System, or CARS, is really designed to stimulate auto sales.
Qualifiedvehicles don’t necessarily have to be a “clunker.” In fact, many high-priced luxury vehicles qualify for the money: to qualify for the money, your trade-in must get 18 MPG or less.
Here’s what some are saying about “Cash for Clunkers”: