Back in January, we told you about a bill that was introduced in the Senate being called the "Cash for Clunkers" program that would give vouchers to drivers who traded in older, inefficient cars for newer, more efficient ones. At the time, it seemed to be a long shot, but recent events have brought new life to the plan.
President Obama's support of the program in his address on the auto industry on Monday has thrown a spotlight on the idea and similar programs in Europe have proven successful, which has also boosted the plan in Congress. Two versions of the bill currently exist, one by Rep. Betty Sutton and one by Sen. Dianne Feinstein. They are very similar, but differ on the price limit of the new car as well as whether the program should be restricted to American-made cars.
Many support the idea of limiting the program to cars made by U.S. automakers, but that restriction could violate World Trade Organization rules.
Obama has said money for the plan would come from trimming another program in the Recovery Act, so surely the bill will face opposition from the unlucky program's supporters.
via Wall Street Journal
written by Laurie, April 03, 2009
written by carectomy, April 06, 2009
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