That didn’t take long at all. Just yesterday the Journal reported that the Cash For Clunkers program was so popular, it threatened to exhaust the $1 billion fund before the scheme was set to expire. Well, it’s exhausted.
WSJ: White House officials and lawmakers were studying late Thursday how to keep alive the government’s cash-for-clunkers incentive program because of concerns the program’s $1 billion budget may have been exhausted after just one week.
Obama administration officials warned congressional leaders Thursday it planned to suspend the program at midnight. But the White House released a statement late Thursday saying that completed deals would be honored and the program is still under review.
This is wild, and it means that the next round of auto numbers need to be taken with a big grain of salt.
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