July 31 2009
Cash For Clunkers Faces Possible Suspension
There may need to be a new award for short-sightedness in Washington DC: The Clunker Award.
The U.S. Transportation Dept. is expected on Friday to announce a suspension of the popular Cash for Clunkers program that rewards car buyers for trading in old cars and trucks for new, more fuel efficient vehicles after just one week. Federal officials fear that a backlog of applications for rebates will quickly exhaust the fund, and will tell dealers on Friday to stop closing sales that depend on the government money.