More Cash Sought For "Clunkers" Program

reuters.com — The U.S. government's $1 billion "cash for clunkers" auto sales incentive program reached its funding limit unexpectedly after an avalanche of business exhausted its funds, an Obama administration official said. Auto dealers began offering government-backed rebates in early July of up to $4,500 to consumers who traded-in their gas-guzzlers for more fuel-efficient vehicles. But the Transportation Department will need additional cash after rebates for nearly 250,000 vehicles jammed the pipeline nationwide. The White House was working with Congress to try to extend funding as lawmakers prepared to leave town for the month of August, according to the official who was not authorized to speak for attribution.

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