Archive for August 1, 2009

Yesterday, the U.S. House of Representatives approved a bill to infuse an additional $2 billion into the Car Allowance Rebate System (CARS) – commonly referred to as the "Cash for Clunkers" program.

The House rushed to pass the bill after U.S. Transportation Secretary Ray LaHood reported that the program was "running out of money."

If approved by the Senate, the additional funding will be paid for from the $787 billion Economic Stimulus bill which was passed earlier this year in February.   (more…)