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Lawmakers pass $2 billion bill to keep program alive; will go to Senate

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posted on Jul, 31 2009 @ 03:03 PM

WASHINGTON - The House voted overwhelmingly Friday to rush $2 billion into the popular but financially strapped "cash for clunkers" car purchase program, heeding calls from consumers eager to keep taking advantage of thousands of dollars in trade-in incentives.

House members approved the measure 316-109 within hours of learning from Transportation Secretary Ray LaHood that the program was running out of money.

President Barack Obama said he was encouraged by the House action to keep alive a program that had "succeeded well beyond our expectations." Senate action is likely next week, ensuring the program won' be affected by the sudden shortage of cash.

Good news I guess.

While I hate the fact that all these decent cars are getting destroyed, it is certainly turning out to be a successful stimulus!! Good for car dealers, car makers, and metal recyclers. Good for lenders. Good for people with bad cars! Good for fuel economy and conservation.

Bad for automotive repair shops though!


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