Pedal to the metal, Congress sent President Barack Obama legislation Thursday night with an additional $2 billion for "cash for clunkers," the economy-boosting rebate program that caught the fancy of car buyers and instantly increased sales for an auto industry long mired in recession.
"The U.S. Senate voted 60-37 Thursday night to approve a $2 billion extension for the popular "Cash for Clunkers" program.
The U.S. House overwhelmingly approved the measure on July 31 after the program ran through its $1 billion fund in about a week. The measure would transfer money from other parts of the federal stimulus package.
The Car Allowance Rebate System, better known as Cash for Clunkers, offers a rebate of $3,500 to $4,500 for new-car purchases when buyers turn in older, less fuel-efficient models.