Thursday, July 30, 2009

Hot Topics Today!! Cash For Clunkers Suspended

Hot Topics Today!! Cash For Clunkers Suspended on Hot Topics -- Department of Transportation of United States gives press realize on media, they said Government has suspended the CARS ( Cash for Clunkers program ) indefinitely effective at midnight Thursday. This is closed statement "We are working tonight to assess the situation facing what is obviously an incredibly popular program. Auto dealers and consumers should have confidence that all valid (CARS) transactions that have taken place to date will be honored," a statement issued Thursday evening by the White House. According to the breaking news story, officials are concerned that the money will run out too quickly and that they will not be able to pay dealers participating in the program.

The government is sure to endure a backlash from consumers and dealers alike as millions of dollars in advertising has been spent on a program that was supposedly designed to last until November. While the statement doesn't confirm that the program is suspending, it does indicate that all consumers that participated in the cash voucher program will receive their rebate. Several automobile dealerships began running TV ads earlier in the week that carried consumers to the showrooms. According to television station FOX 35 in Orlando, Florida, dealerships are still running clunker ads. earl blumenauer

The problem started on late Wednesday when the National Automobile Dealers Association surveyed its members and told the Transportation Department that 22,782 vehicles had been purchased through the government auto incentive program. Late in the day about $96 million had been spent, which prompted federal transportation officials to halt all applications at midnight. According to the government's Web site, it still shows a chart indicating that $779 million was still available for trade-ins. cash for clunkers news

The auto industry has been hit the hardest from the recent economic recession. Dealers are selling cars and consumers are saving money by trading in their clunkers for vehicles with better fuel economy. It is not clear what the White House will do, but speculations point to a new bill by Congress that could extend the for clunkers out of money

However, it's apparent that US economists and Congress did not anticipate that funds would be depleted too quickly. The program went into law on July 1, 2009 and was to expire on November 1, 2009. So far, the program has helped the industry and the economy. If there's any program that is proven to help the economy, this is probably the one. cash for clunkers list

Consumers are aiming for hybrid cars and other fuel efficient technologies before gas prices go up again. Gas prices soared to new levels in 2008 and consumers aren't about to pay $5 per gallon again. Hybrid cars combine an electric motor and gasoline engine to provide extended mileage and fuel economy. It is not known how many of these types of vehicles were already sold during the Cash for Clunkers program. cash for clunkers suspension