With reports that people are using this program to buy Lexus and other foreign cars, “cash for clunkers” is already broke down.
The US government will suspend the popular cash for clunkers program after almost four days, telling Congress they’ll burn through the $950 million budget by midnight. UPDATE: The Freep claims White House sources tell them the program’s not been suspended.
Holy flip-flop, Batman! If the numbers the Department of Transportation claims they received from NADA are true, it would mean over 21,000 work trucks and 242,000 cars were potentially sold. But that flies in the face of the Freep now reporting White House official denying these reports late today that the program was suspended, and claiming all valid deals would be honored. Officials at both ends of Pennsylvania Avenue are now seeking ways to send additional money to the program; the U.S. House was set to adjourn Friday for a month-long break.
The decision to suspend the plan came after auto dealers warned the government today that it was in danger of losing track of how many trades had actually been made.
Gee, how much fraud and abuse do you think this program will incur? One of the stupidest things about it is they want the old cars to be destroyed. This administration is insane. They define a clunker as any car getting less than 18 on the highway. That covers most of the cars out there.