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WASHINGTON (CNNMoney.com) - The Senate on Thursday passed a $1 billion effort to subsidize new auto sales by giving vouchers toward the purchase of new cars.

President Barack Obama is expected to sign the bill.

The "cash for clunkers" measure was attached to the $106 billion war spending bill that was approved by the Senate late Thursday. It drew some opposition from lawmakers who were opposed to spending more money on the auto industry.

The measure would give consumers vouchers worth as much as $4,500 to turn in gas guzzlers and buy new cars that are more fuel efficient.

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The officials were particularly angered about a lack of accounting for the sprawling program, complaining that Treasury didn't make any effort to monitor money that went to the 364 banks its has invested in, despite requests for information by oversight panels.

NEW YORK (CNNMoney.com) - The officials charged with overseeing the $700 billion financial bailout told lawmakers Tuesday that the Treasury Department must do more to ensure that taxpayer dollars are properly spent and that the public is kept in the loop.

The officials were particularly angered about a lack of accounting for the sprawling program, complaining that Treasury didn't make any effort to monitor money that went to the 364 banks its has invested in, despite requests for information by oversight panels.

"Either you get Treasury to get some religion on this point and get some standards ... or Congress [will be] forced to step in," said Harvard Law professor Elizabeth Warren, chairman of the Congressional Oversight Panel, at a Senate Banking Committee hearing.

The office of Inspector General for the TARP program, one of the oversight groups, did its own survey of banks that received money, and every bank that got money responded.

Neil Barofsky, special inspector general, said that some banks "co-mingled" their bailout money and couldn't break out exactly what it was used for. But other banks kept their TARP money separate and could point to new loans that had been issued due to government help.

"Some banks described some lending programs that couldn't be done without TARP funding," Barofsky said.

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Edward Liddy, chief executive of bailed out insurer American International Group, will tell Congress Wednesday that he found the company's controversial bonuses 'distasteful,' but necessary because of legal obligations and competition.

WASHINGTON (CNNMoney.com) – Edward Liddy, chief executive of bailed out insurer American International Group, will tell Congress Wednesday that he found the company's controversial bonuses "distasteful," but necessary because of legal obligations and competition, according to a written copy of his testimony.

"We have to continue managing our business as a business - taking account of the cold realities of competition," Liddy will tell the House Financial Services subcommittee. The hearing is set to begin at 10 a.m.

"Because of this, and because of certain legal obligations, AIG has recently made a set of compensation payments, some of which I find distasteful," he added.

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