‘Cash for clunkers’ money running out?

Several media outlets are reporting tonight that the federal government is on the verge of suspending the "cash for clunkers" program, which allows people to get up to a $4,500 rebate on the purchase of a new vehicle if an older gas guzzler is traded in. Area car dealers report that the program has been very popular — maybe too popular. The government allocated $1 billion toward the program, and many reports are saying that the money is already gone. Here is one such report. It looks like auto dealers are lobbying to get more money for the program.

I’ll look into this more in the morning.

Permalink: http://news.fredericksburg.com/businessbrowser/2009/07/30/cash-for-clunkers-money-running-out/