NEW YORK (CNNMoney.com) - The Obama administration on Thursday lashed out at a prominent critic of its Cash for Clunkers program, arguing that the popular trade-in initiative helped give the auto industry and the economy a much needed boost in the past few months.
In a blog post on whitehouse.gov, the administration argued that a report on Clunkers by automotive Web site Edmunds.com "doesn't withstand even basic scrutiny" and is based on "implausible assumptions."
On Wednesday, Edmunds.com released a study that argued Cash for Clunkers did not have a great impact on the auto industry. The report said that 690,000 new vehicles were sold under the program last summer, but that only 125,000 of them would not have been sold without the Clunkers rebates.
As a result, the report said, the administration's economic claims for the program "have been rendered quite weak."
NEW YORK (CNNMoney.com) - Cash for Clunkers is just about at the end of the road.
The government-funded rebate program, popular with consumers, comes to its official completion on Monday.
Dealers have until 8 p.m. to file claims for any deals. The government will not extend the deadline for filing claims, the Department of
Transportation said Monday morning.
The U.S. Department of Transportation had received 625,000 applications from dealers for Cash for Clunkers vouchers totaling $2.58 billion as of Monday morning, the DOT said.
NEW YORK (CNNMoney.com) - The $3 billion Cash for Clunkers program will end on Monday, the government said Thursday.
Dealers must submit any pending Clunker deals, including any necessary paperwork, by 8 p.m. Monday.
"It's been a thrill to be part of the best economic news story in America," said Treasury Secretary Ray LaHood. "Now we are working toward an
orderly wind down of this very popular program."
Officials decided to wind down the program, which Congress passed to spur flagging auto sales, after determining that it would soon run out of money.
NEW YORK (CNNMoney.com) - After sparking an initial rush to showrooms, the Cash for Clunkers program seems to be running out of fuel.
Interest in Cash for Clunkers has fallen 15% since its peak, and car purchase intent could fall to pre-Clunkers levels by next week, an auto research group said Tuesday.
Under the Clunkers program, which launched July 27, vehicles purchased after July 1 are eligible for refund vouchers worth $3,500 to $4,500 on traded-in cars with a fuel economy rating of 18 miles per gallon or less.
The program proved wildly popular, running through its initial $1 billion in its first week and leading lawmakers to approve an additional $2 billion in funding on August 7.
But interest in the program peaked on July 29, and demand has waned, according to the report from Edmunds.com.
WASHINGTON (CNN) - The "Cash for Clunkers" program will continue with a $2 billion supplement that some analysts say could provide a boost of billions of dollars more as it reverberates through the economy.
Critics, however, say the program merely shifts consumer spending from one area to another.
President Barack Obama on Friday morning signed the bill extending the program.
The program provides consumers a cash rebate of up to $4,500 when they turn in older, gas-guzzling vehicles and buy newer, more fuel-efficient ones.
Congress passed the $2 billion expansion after reports that the original $1 billion earmarked for the program would soon run out. According to some estimates, the total of $3 billion in the Cash for Clunkers program could result in an $18 billion boost to the overall economy.
WASHINGTON (CNN) - The Senate voted Thursday night to extend the "Cash for Clunkers" program with an infusion of $2 billion.
White House aides said earlier that President Barack Obama will quickly sign the bill into law to prevent any interruption to the popular incentive.
The Senate voted 60-37 to approve the measure already passed by the House.
NEW YORK (CNNMoney.com) - The Senate is expected to vote Thursday on a $2 billion extension of the popular Cash for Clunkers program, as lawmakers rush to finish business before their August recess.
The House voted to extend the program, which blew through its $1 billion in initial funding, before it adjourned for the summer last Friday.
Now the Senate must agree to make the additional money available so that President Obama can sign the extension into law.
(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.
UPDATE Friday 10:30 a.m.: Michigan Sen. Stabenow tells CNN the Michigan, Ohio and Indiana congressional delegations are working on a $2 billion extension for the "cash for clunkers" program, which will come from reprogrammed stimulus money. She said there’s agreement in the House to do this today, but that the proposal's path in the Senate is unclear, and it could face hurdles there next week.
NEW YORK (CNNMoney.com) - This much seems certain about the Cash for Clunkers program: Consumers are happy to take government rebates to buy new cars.
The fate of the $1 billion trade-in program was up in the air over concerns that it may have already burned through its funds less than a week after it was officially launched.
It was unclear whether car buyers would be able Friday to trade in clunkers.
Congressional sources said early Thursday evening that the program would be put on hold. But Obama administration officials said later that Clunkers had not been suspended and that they were studying the situation.
"Auto dealers and consumers should have confidence that all valid ... transactions that have taken place to date will be honored," a White House official said in a statement.