lhwusa
Super Member
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Joined: 05 Feb 2008
Posts: 57
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| Posted: Thu Jul 30, 2009 9:00 pm Post subject: Cash For Clunkers Program Suspended |
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http://www.wxyz.com/news/story/Cash-For-Clunkers-Program-Suspended/ZLKMxPxJo0OP3_blM23oVw.cspx
(WXYZ) - Not even a full week into the Cash For Clunkers program and it's being suspended by the government.
The Dept. of Transportation is temporarily stopping the program as of 11:59pm Thursday, July 30th.
It's believed the $1 billion used for the program has already been used up.
That's according to sources on Capitol Hill.
Initially, it was believed the money would last several months, but it's been less than a week.
The program is being stopped for the time being to allow current transactions to be processed.
If there is money left over, the Cash For Clunkers program will be reinstated.
The idea of the program was to spur sluggish car sales and to get cars with bad fuel economy off the roads.
It appears it did that, but it was too much all at once for the government money given to the program. |
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