Spurred by President Obama’s words on Monday, the Senate appears to be fast-tracking the proposed “cash for clunkers” program. The cash for clunkers bill has been floating around Washington for several weeks now, but could finally be voted into law by later tonight.
According to Automotive News, Senate members could vote on the cash for clunkers proposal as early as tonight. If approved, the program would give consumers up to $4,500 for trading in older cars on newer, more efficient models.
In addition to its green benefits, proponents also believe the measure could jump start U.S. sales – just when it’s needed the most. New car sales were down across the board again in May, suggesting a natural recovery is still likely months away.
Similar cash for clunkers programs have been met with great success in Europe with some countries seeing sales increases as high as 40 percent. Early estimates suggest that a U.S. cash for clunkers program could boost sales by 1 million units.
The cash for clunkers bill will likely be tacked onto a Food and Drug Administration bill that seeks more power to regulate tobacco.
