Bob
SoWal Insider
Cash for Clunkers Could Be Done at Midnight Tonight Cash for Clunkers Could Be Done at Midnight Tonight
Date posted: 07-30-2009
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DETROIT ? Transportation Secretary Ray LaHood has alerted key senators that the Cash for Clunkers program is expected to run out of money as early as midnight tonight.
Earlier rumors suggested that the Department of Transportation could make an announcement this evening regarding the status of the Clunkers program and how close the program is to running out of its $1 billion allocation.
If LaHood's concerns are correct, the DOT could announce the program has run out of money completely or could suspend it temporarily while deals in the pipeline are completed and an assessment is made of how much has been spent, Washington sources tell AutoObserver.com.
A DOT spokesman said no announcement is scheduled, but if an announcement is made, it would be posted on the Web site for the Car Allowance Rebate System (CARS).
From the start, the program called for a November 1 expiration or the depletion of the $1 billion in funding. It is clear the program will run out long before November 1 and could run out in a matter of days.
As of Thursday morning, the CARS Web site showed $779 million of the $1 billion remained. The roughly $220 million used represents transactions dealers have submitted for government reimbursement and administrative costs.
Date posted: 07-30-2009
STORY TOOLS
Digg this storyDigg this!
del.icio.usdel.icio.us
DETROIT ? Transportation Secretary Ray LaHood has alerted key senators that the Cash for Clunkers program is expected to run out of money as early as midnight tonight.
Earlier rumors suggested that the Department of Transportation could make an announcement this evening regarding the status of the Clunkers program and how close the program is to running out of its $1 billion allocation.
If LaHood's concerns are correct, the DOT could announce the program has run out of money completely or could suspend it temporarily while deals in the pipeline are completed and an assessment is made of how much has been spent, Washington sources tell AutoObserver.com.
A DOT spokesman said no announcement is scheduled, but if an announcement is made, it would be posted on the Web site for the Car Allowance Rebate System (CARS).
From the start, the program called for a November 1 expiration or the depletion of the $1 billion in funding. It is clear the program will run out long before November 1 and could run out in a matter of days.
As of Thursday morning, the CARS Web site showed $779 million of the $1 billion remained. The roughly $220 million used represents transactions dealers have submitted for government reimbursement and administrative costs.
...when I saw this article, I immediately thought St. Joey was in charge. Here today, gone tomorrow!
