BREAKING: Federal Government will Suspend Cash-For-Clunkers Program, Say Sources
By Brendan Moore
07.30.2009 – 21:21/9:21 PM ET
Reuters is reporting that the Obama administration will suspend the $1 billion USD program intended to spur auto sales and reduce emissions.
The sources Reuters mentions say that the program is approaching its funding limit several days after launch. The program was originally supposed to run until November 1, or, until the $1 billion ran out. Sources now say it may be suspended in the next 24 hours.
The program, called “cash for guzzlers” and “cash for clunkers” credited up to $4,500 to car buyers who traded in their gas guzzlers for more fuel efficient vehicles.
The program appeared to be an immediate hit with the public, at least according to initial reports from different regions of the US. If the program is cancelled, there will undoubtedly be some resentment from both automobile dealers and consumers that were interested in participating in the program.
Administration officials have not yet commented on the reports.
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