Well, it seems like consumers are really going out there and taking advantage of the government’s new Cars Allowance Rebate System. It has been reported that just four-days after its launch, the Cash for Clunkers program has already burned through $950 million of its $1 billion budget.
Congressional sources have said that the program may have to be suspended as the Obama administration scrambles to find additional money to avoid a shutdown of the program.
A White House official and a source from the Department of Transportation have denied the reports and said that the program will not be suspended. A DOT official said that the administration is working with Congress to get more funding to keep the program alive.
– By: Omar Rana