With "Cash for Clunker" money running out way ahead of schedule, the House voted an extra $2 billion to keep the program going.
From Justin Hyde, Detroit Free Press:
WASHINGTON -- The U.S. House approved an emergency $2-billion infusion for the cash-for-clunkers program this afternoon, with a plethora of lawmakers from around the country calling it a runaway success that should not be ended.
But the head of the National Automobile Dealers Association warned dealers today that until the money was guaranteed, they could be on the hook for any cash-for-clunkers trades despite assurances from the Obama administration that deals through today will be honored.
With the House set to adjourn today for a monthlong recess, House Democratic leaders worked through the night to craft a bill carving $2 billion from an energy loan program that was part of the $787 billion economic stimulus plan passed earlier this year. The original cash-for-clunkers bill had set aside $4 billion for the plan, but was pared back to $1 billion in a compromise in the Senate, with $50 million carved out for running the program.
