'Cash for clunkers' good through weekend, maybe beyond
(UPDATE, 1:25 pm: The House has passed the $2 billion extension of the cash for clunkers program 316-109; there will be no Senate vote before Monday)
WASHINGTON (CNN) - White House spokesman Robert Gibbs said Friday the extremely popular "cash for clunkers" program is still up and running at least through this weekend, and said Obama administration officials are working furiously behind the scenes with Congressional leaders to find extra money to extend the program for a longer time period.
"It's up and running," Gibbs told reporters in his office, adding that it "can, will and should" continue indefinitely.
Meanwhile, Sen. Debbie Stabenow of Michigan announced that lawmakers are closing in on a deal with the White House that would give the program, which allows consumers to trade in old cars for newer more fuel-efficient vehicles, an extra $2 billion to continue and expand it.
There had been media reports Thursday evening suggesting the $1 billion program had been abruptly suspended because the initial $1 billion to fund it was being exhausted more quickly than expected as consumers rushed to car dealers across the country to trade in vehicles.
But Gibbs told reporters the administration has kept the program going on Friday and "the program will be in place" for anyone who had been planning to make a car purchase this weekend.
"This program appears to be a success for car buyers, car dealers, car companies, and taxpayers," said Gibbs, adding the President believes it has the added value of helping the environment by getting less fuel-efficient cars off the roads. "We feel confident that we will have a solution people can agree on and the program continues."
Gibbs said the program has been "extremely popular" and that there are an estimated 20,000 certificates for vehicles swaps still waiting to be processed, a backlog that alarmed some government officials into believing the money will be tapped out shortly.
This program proves once again that tax cuts are the only useful stimulus. $1 billion in tax rebates stimulated at least $5 billion in sales for the dealers, generated hundreds of millions in sales tax revenue, sold a lot of collision policies and extended warranties, and cleared inefficient cars and trucks from our roads. This is the only program from the "stimulus" that actually achieves the multiplier target.
Time to do away with the Electorial College,once and for ALL.
This might be a great program for some of the Congressional membership......
Courtesy of the news: "Economy dips at 1 percent pace in 2Q, sign recession may be finally drawing to a close"
Be patient. You cannot clean up 8 years of manure in six months.
No matter what the naysayers and critics say, anything that puts the polluters off the road AND helps auto dealers ......... is wonderful for the good old U.S.A.!
Listen, the main idea is to have fuel efficiency....and energy independent thing...ok, we are pouring lot of money on Saudi Arabia, and middle east....only nagging people are old republicans...ok...
I think this is a great program and if all of you nay-sayers would just take a second to actually read it instead of jumping on the "Obama-is-an-idiot" bandwagon, maybe you'd know what you're talking about!!!!