More Cash For 'Clunkers' Program
newsweek.com — When the federal government unveiled its "cash for clunkers" program, it was largely derided as the dying auto industry's desperate push to urge Americans to buy new cars. Surprisingly, it worked. Cash for clunkers, formally known as the Car Allowance Rebate System, is one of the few government programs that has pushed Americans to spend money in this tight economy. The program already ran through its allotted $1 billion budget since it took effect a week ago. On Friday, the U.S. House of Representatives voted 316 to 109 to give the program an additional $2 billion. Yet, the demand ultimately may not be enough to save the U.S. auto industry.