blog：Cash For Clunkers Runs Out Of Gas
The Obama administration will end its popular Cash for Clunkers program Monday. For auto dealers, that’s the bad news. For the rest of the country, what’s more worrisome is how wildly policymakers miscalculated how far they could stretch the extra $2 billion they pumped into the program less than three weeks ago.
Transportation Secretary Ray LaHood announced Thursday that the program, officially known as the Car Allowance Rebate System, would end Monday at 8 p.m. The idea behind the Monday deadline is to give the program a “soft landing” so consumers and auto dealers have a few final days to wrap it up.
According to a senior administration official, the overwhelming success of the clunkers program–which provides car buyers a rebate of up to $4,500 when they trade an old gas guzzler for a more fuel-efficient vehicle–is the reason for its abrupt end.
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