(from ABCNEWS.COM)
By Z. BYRON WOLF and ELISABETH LEAMY
July 30, 2009
Members of Congress have been told the government will suspend its popular "Cash for Clunkers" program soon, sources tell ABC News --apparently in an effort to prevent the days-old program from running out of money.
Some automakers challenge government incentives for buying fuel-efficient cars.The members of Congress were told that it is believed all $1 billion allocated for the program was claimed in less than a week by people applying for credit, the sources said.
"This was a very successful program, maybe even too successful," Sen. Charles Schumer, D-N.Y., said in a prepared statement this evening. "The program should continue, but perhaps with a tune-up so that we get the most stimulus, conservation and efficiency for the buck."
Another statement, from the National Automotive Dealers Association, said the group did not yet have official confirmation that "Cash for Clunkers" was ending, "but if the program is indeed suspended, NADA will continue to work with the Department of Transportation to emphasize the importance that every dealer is reimbursed for a valid deal. We will also work with the Obama administration and members of Congress to meet the demonstrated consumer interest in the cash-for-clunkers program."
Thousands of Americans have been taking advantage of the program which was to end when the funding ran out.