[LIQUIDSILVER]

http://finance.yahoo.com/news/AP-sources-Govt-to-suspend-apf-3529110957.html?x=0&sec=topStories&pos=1&asset=&ccode=

Now they are thinking of cancelling the cash for clunkers for cost???? WTF? You can't set people up like this! Fail!

It's dead as of thursday?

The government plans to suspend its popular "cash for clunkers" program amid concerns it could quickly use up the $1 billion in rebates for new car purchases, congressional officials said Thursday.....

The congressional officials spoke on condition of anonymity because they were not authorized to speak publicly. Rae Tyson, a spokesman for the National Highway Traffic Safety Administration, which administers the program, declined comment.

The Transportation Department called lawmakers' offices to alert them to the decision to suspend the program at midnight Thursday. The program offers owners of old cars and trucks $3,500 or $4,500 toward a new, more fuel-efficient vehicle.



Through late Wednesday, 22,782 vehicles had been purchased through the program and nearly $96 million had been spent. But dealers raised concerns about large backlogs in the processing of the deals in the government system, prompting the suspension.....
Even before the suspension, some in Congress were seeking more money for the auto sales stimulus. Rep. Candice Miller, R-Mich., wrote in a letter to House leaders on Wednesday requesting additional funding for the program.

"This is simply the most stimulative $1 billion the federal government has spent during the entire economic downturn," Miller said Thursday. "The federal government must come up with more money, immediately, to keep this program going."

 

[Fluid]

What a bunch of FUBARs. This is not going to help the administration's other efforts if they appear to be not able to handle this. Even though they probably have nothing to do with it, if this is true then they need to fix it because the President is gonna get the blame.

 

[LIQUIDSILVER]

What a bunch of FUBARs. This is not going to help the administration's other efforts if they appear to be not able to handle this. Even though they probably have nothing to do with it, if this is true then they need to fix it because the President is gonna get the blame.

Exactly, it appears that it was going to be suddenly cancelled but further updates say that the White house is trying to keep it going even though it's not really their plan.

 

[vw709]

IT's NOT CANCELLED. The house just voted an additional $2 billion for funding!

The reason there was a delay in the numbers is because there were about 40,000 transactions done out of an estimated 250,000 but there were 200,000 transactions in the pipeline.

The house had an emergency vote and this just made the program from 1 billion to 3 billion. But at this rate it'll be certainly done within a month, not in time for the 2010 TDI models.

http://news.yahoo.com/s/ap/20090731/ap_on_go_co/us_cash_for_clunkers

WASHINGTON – The House has voted to rush an additional $2 billion into the popular but financially strapped "cash for clunkers" car purchase program.

The bill was approved on a vote of 316-109. House members acted within hours of learning from Transportation Secretary Ray LaHood that the program was running out of money.

Called the Car Allowance Rebate System, or CARS, the program is designed to help the economy and the environment by spurring new car sales. Car owners can receive federal subsidies of up to $4,500 for trading in their old cars for new ones that achieve significantly higher gas mileage.

House Majority Leader Steny Hoyer said the new money for the program would come from funds approved earlier in the year as part of an economic stimulus bill.

 

[FLipped]

And this is what we have to look forward to with health care? I agree that something has to be done but gov controlling everything leads to these types of sanfus!

 

[vw709]

$2 billion confirmed by the Senate.,..I wonder if it will be enough to hold over until the Golf comes...