Plan to Wind Down Cash for Clunkers Coming This Week

Clunkers Transportation Secretary Ray LaHood announced today that the government will announce its plans to wind down the Cash for Clunkers program — officially the Car Allowance Rebate System — in the next two days.

It was just two weeks ago that Congress approved another $2 billion in funding for the program. By the most recent numbers, more than half of the $3 billion total has already been spent. LaHood had earlier guessed that the new funds would be gone by Labor Day, Sept. 7, but the Wall Street Journal reports that LaHood declined to update a timetable until the formal announcement.

We projected 18.5 days left in the program yesterday, taking the program through Sept. 6, but it’s unlikely that the government would want to cut things too close with a busy car-shopping weekend adding to the clunker tally.

White House Will Outline Plan to End 'Cash for Clunkers' (Wall Street Journal)

By David Thomas | August 19, 2009 | Comments (4)

Comments 

Paul

So sales will go back in the dumpster.More plant shut downs,no overtime for plant workers,dealers closing.....
Obama,can you spare another 2-3 Billion of taxpayer dollars??

David

This plan better take into account the fact most people that were going to buy a car this year, probably went out and did it with this incentive. What is worrisome is how much will demand fall after the program ends, and will the increase in production leave lots full for months to come setting up another bailout? This Bloomberg analyst says it is deja vu all over again: http://www.cardealerreviews.org/?p=116497

Cash for clunkers won't end soon enough for car donation charities as we have been severely hurt by it.

Good…, as they say, all good things come to an end. Actually, this could be considered a BAD thing b/c it’s CRAZY, we are giving people money to live more vicariously and lavishly than before all this economical bust took place? What are we doing? Spoiling every single last American? Let’s learn to live in moderation, then we wouldn’t have so much debt…Well, the fish sticks from the head..so the head is the While House…right?

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