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By PBN Staff
The “Cash for Clunkers” program is being credited with raising new car sales in July, so much so that the initial round of funding was in danger of running out without Congressional action.
Last week, the Senate voted to approve an additional $2 billion in funding to the $1 billion that had been the initial funding for the program (something the House of Representatives did before leaving Washington for its summer recess), which allows consumers to get guaranteed money from the government by trading in a low mileage car or truck for a higher-mileage vehicle.
Was the program a prudent use of taxpayer dollars?