Americans are going to get more time to trade in their clunkers for cash.
President Barack Obama signed into law and extension of the stimulus program that was so popular it ran out of money, $1 billion. The Senate voted on the state to triple the Cash for Clunkers fund to $3 billion, extending the program to Labor Day, assuming the new money lasts that long. It will give owners – $3,500, or $4,500, in terms of the card they are trading in, if they trade in the old car for one that uses less gas, a more fuel efficient vehicles.
Many car dealers’ inventories nationwide have practically been wiped out. A great number of experts believe the program an its extention will have a role in pushing th economy out of recession. Others are afraid that the spending power of the American public has been shifted to the auto industry, away from say retail and services.