Cash for Clunker Extension Passes

by Edward Niedermeyer

Published: August 6th, 2009

Automotive News [sub] reports that the Senate has passed a $2 billion extension to the Cash for Clunkers program, extending the deal through Labor Day. President Obama has already said he would sign the bill. But will it help the taxpayer-owned auto firms that desperately need a boost? Will sales levels continue at their current surging rates? Will fraud stories start popping up as they have in Germany? Who cares. America loves a deal.

Edward Niedermeyer

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4 of 18 comments

No_slushbox on Aug 07, 2009

re:NulloModo: "You can buy a 3 bedroom 2 bath house built in the last five years for around $70K in a nice neighborhood here right now." Seriously, where is that. I'm willing to live in the southwest, but not the deep south, Florida or southeast Michigan. The only area that actually has good jobs where I can imagine a house that cheap is Texas.

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Rick T. on Aug 07, 2009

"It’s far from perfect, but much human endeavor is. Their heart is in the right place…" Shaker: There is absolutely no connection between good intentions and good results. There is a reason for the saying "The road to Hell is paved with good intentions."

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Loverofcars1969 on Aug 07, 2009

You worry to much comrade. How is your Mandarin BTW?

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Johnthacker on Aug 07, 2009
I wonder if the alleged provision concerning something along the lines of ‘those who earn more than $50K per year will be exempt from the new round of C4C’ made it into the extension language? No, it didn't. Sen. Harkin (D-IA) offered the amendment, the Republicans pledged to support it, so then the Democratic leadership whipped their members to vote against it so as not to hold up the bill with ping-pong with the House. Assuming that the bill is identical to the House version, which it must be to pass so quickly, the money is being taken out of the DoE energy subsidy program instead of new appropriations. Given that that's the case, my opposition to it is much muted.

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