It’s taken less than a full week to deplete the entire $1 billion allocated by the government for the Cash for Clunkers program. The Obama Administration is now looking for money to extend the program, which had originally been scheduled to run through September. And it won’t have to look far – just about 16 blocks to the east on Pennsylvania Ave., where Congress makes its home. The House has quickly added another $2 billion to the program, and the Senate is expected to add its stamp of approval quickly this week.
RBR/TVBR observation: This program was devised in Europe, and there too it was so popular that it was expanded in short order. This is great news for automakers, and it’s great news for the people who sell automakers air time.