Cash for Clunkers in Limbo
Overnight there were conflicting reports from automotive dealers, the Transportation Department and the White House about the popular Cash for Clunkers program being suspended because it had run out of money. This morning, the White House restated that the program has not been suspended.
The Detroit News is reporting today that administration officials and congressional aides worked through the night to secure additional funding for the program, up to as much as $4 billion, the original approved budget for the Clunkers program.
With a congressional recess scheduled to start after today, a decision likely will have to come down by this afternoon. Keep your bookmarks here for updates as we get them.
Oh, and by the way, the government has taken down its meter, which yesterday showed more than $700 million left for deals.
Update 1: The Detroit News is reporting that Sen. Carl Levin (D-Mich.) has stated Cash for Clunkers will be good "at least" through today.
Update 2: New York Times business correspondent Micki Maynard Tweeted that a bill has been introduced to add $2 billion in additional funds to Cash for Clunkers. Here's the Detroit News story on the emergency bill.
Update 3: Despite all the confusion and questions, White House spokesman Robert Gibbs says anyone who buys a car through the weekend will have their rebate honored.
Update 4: The U.S. House of Representatives is actively debating a new bill to add $2 billion more to the Cash for Clunkers program. Most predict it will pass.
Update 5: The bill to add $2 billion more has passed the House.