Friday, July 31, 2009
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.
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