President Obama this morning signed into law a bill replenishing the "cash for clunkers" program with another $2 billion.
The Senate passed the bill Thursday night to keep the program going, after an unexpected flood of car buyers used up the first $1 billion in rebates, as much as $4,500 for trading in gas guzzlers for more fuel-efficient vehicles.
"Now, more American consumers will have the chance to purchase newer, more fuel efficient cars and the American economy will continue to get a much-needed boost," Obama said in a statement after the Senate vote. " ‘Cash for Clunkers’ has been a proven success: the initial transactions are generating a more than 50% increase in fuel economy; they are generating $700 to $1000 in annual savings for consumers in reduced gas costs alone; and they are getting the oldest, dirtiest and most air polluting trucks and SUVs off the road for good. Businesses across the country – from small auto dealerships and suppliers to large auto manufacturers – are putting people back to work as a result of this program. I want to thank Leader Reid and the members of the Senate who moved quickly to extend a program that benefits our recovery and our auto industry while reducing our economy’s dependence on oil.”
About Political Intelligence
Glen Johnson is Politics Editor at boston.com and lead blogger for "Political Intelligence." He moved to Massachusetts in the fourth grade, and has covered local, state, and national politics for over 25 years. E-mail him at email@example.com. Follow him on Twitter @globeglen.