phinsup

U.S. ‘Clunkers’ Program Said to Be Out of Money



By Angela Greiling Keane and John Hughes



July 30 (Bloomberg) -- The U.S. government’s $1 billion “cash for clunkers” program is being closed because it is almost out of money six days after it began, a person familiar with the matter said.



The effort to get older, less fuel-efficient vehicles off the road, for which rules were published on July 24, will be halted at midnight New York time tonight because demand proved greater than expected, said the person, a congressional official. Funds are close to running out or have run out, the official said.



The congressional delegation from Michigan has called a phone conference meeting tonight to discuss the matter, said the person, who declined to be named because the meeting hasn’t been announced publicly.



Officially named the Car Allowance Rebate System, the plan provides credits of as much as $4,500 for turning in older vehicles. The program was to continue until Nov. 1 or when the money runs out.



Jill Zuckman, a Transportation Department spokeswoman, and Nick Shapiro, a White House spokesman, declined to comment. Tom Gavin, a spokesman for the Office of Management and Budget, the White House branch that oversees government spending, didn’t immediately respond to a phone call seeking comment.



http://www.bloomberg.com/apps/news?pid=206...id=axu76hQpdRAA

Rob x-7

thats alot of cars sold

1988RedT2

No one has ever really doubted the ability of this administration to spend taxpayer dollars.