Cookie Control

This site uses cookies to store information on your computer.

Some cookies on this site are essential, and the site won't work as expected without them. These cookies are set when you submit a form, login or interact with the site by doing something that goes beyond clicking on simple links.

We also use some non-essential cookies to anonymously track visitors or enhance your experience of the site. If you're not happy with this, we won't set these cookies but some nice features of the site may be unavailable.

By using our site you accept the terms of our Privacy Policy.

(One cookie will be set to store your preference)
(Ticking this sets a cookie to hide this popup if you then hit close. This will not store any personal information)

Senate Clears $2 Billion Refill for 'Cash for Clunkers'

"The U.S. Senate approved and sent to the White House on Thursday a $2 billion extension of the 'cash for clunkers' autos sales incentive program.

The measure, approved by 60 to 37, extends the successful program that has raised sales of the U.S. auto industry.

President Barack Obama was expected to sign it quickly.

The initial $1 billion of funding approved in June for 'clunker' business has generated more than $920 million in rebates and more than 220,000 in auto sales.

Supported by the incentive program, U.S. auto sales overall were down about 12 percent in July from a year earlier, but it was their best performance this year.

The program offers consumers a federally backed rebate of up to $4,500 if they trade in old vehicles for new, more fuel efficient ones.

Supporters of the extension defeated several Republican amendments aimed at derailing the plan in the Senate."

John Crawley, Donna Smith and Emily Kaiser in Washington; and David Bailey and Soyoung Kim in Detroit report for Reuters August 7, 2009.

Source: Reuters, 08/07/2009