This just in from Yahoo News! Cash for Clunkers is accelerating again.
WASHINGTON (AP) — The House of Representatives voted Friday to rush $2 billion into the popular but financially strapped “cash for clunkers” car purchase program, heeding calls from U.S. consumers who hope to keep taking advantage of the trade-in incentives.
The bill was approved on a vote of 316-109. House members acted within hours of learning from Transportation Secretary Ray LaHood that the program was running out of money.
Where does the $2 billion come from to accelerate this plan again?
House Majority Leader Steny Hoyer said the new money for the program would come from funds approved earlier in the year as part of an economic stimulus bill.
What’s next?
The Senate was not scheduled to vote on Friday but lawmakers hoped to win approval for additional funding next week.
Sen. Carl Levin, a leading Democrat, said the administration assured lawmakers that “deals will be honored until otherwise noted by the White House.” But he suggested that “people ought to get in and buy their cars.”
Update:
I learned on CNN news this morning (8/1) car buyers are being advised not to close anymore deals until the fate of the program can be decided next week. The government is denying claims the program ran out of money.
I’ll try to keep the post updates going as I learn more.
