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Friday, July 31, 2009

Cash for Clunkers Will Continue - For Now

NEW YORK (CNNMoney.com) -- This much seems certain about the Cash for Clunkers program: Consumers are happy to take government rebates to buy new cars.

Other than that, confusion reigned Friday morning.

The fate of the $1 billion trade-in program was up in the air over concerns that it may have already burned through its funds less than a week after it was officially launched.

And it was unclear how much longer car buyers would be able to trade in clunkers after reports surfaced on Thursday night that the program would be suspended.

On Friday, the Obama administration said it was working with Congress to try to get more money and that Clunkers deal certificates would be honored through the weekend.

"The program will be in place" for anyone who had been planning to make a car purchase this weekend, White House spokesman Robert Gibbs told CNN. "This program appears to be a success for car buyers, car dealers, car companies and taxpayers."

One of the program's main champions in Congress, Sen. Debbie Stabenow, D-Mich., told CNN that the Michigan, Ohio and Indiana congressional delegations are working on a $2 billion extension of Clunkers program. - CNN News Story

Another Government Program that if Congress has their way will go way over budget.

Although, I think it will be a boost to the economy, and will get money going into the car companies and hard hit Michigan, is this program worth the Billions of Dollars in Debt we are taking on?

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