The Cash For Clunkers program, which started this past Monday, has already burned through $950 million of its $1 billion budget. Not to worry though, as the House passed by an overwhelming majority, a piece of legislation that adds $2 billion to the program.
White House Press Secretary Robert Gibbs has announced that the administration believes that enough of the original $1 billion remains to cover sales through the coming weekend and next week’s anticipated Senate vote on the measure. All 15 House members from Michigan voted for the bill and Sen. Carl Levin, D-Detroit, has indicated his support.
The program expansion, however, will not put the government further in debt, as it will consist entirely of funds redirected from the economic recovery package passed by Congress this past February.
– By: Stephen Calogera
Source: Detroit News