Congress May Limit Cash 4 Clunkers To Those Making Less Than $50k

As Congress debates whether to add an additional $2 billion to the broke-due-to-extreme-popularity “Cash 4 Clunkers” program, several amendments to the program are being considered. One of them, according to the NYT, is an income limit of $50k per year for individuals, and $75k for joint filers.

The NYT says:

As part of the deal in the Senate, the Democratic leadership agreed to allow debate on seven amendments to the bill, six from Republicans. One, to be considered Thursday and offered by Senator Tom Harkin, Democrat of Iowa, would set income limits on who could receive the money. Under his proposal, only individuals with adjusted gross incomes of less than $50,000 or joint filers with adjusted gross incomes of less than $75,000 could take part.

What do you think? Does an income limit make sense? After all, one does still have to buy a new car, which, even after the rebate, can still be expensive.

Agreement On A Vote to Extend Car Program [NYT]
(Photo:Ben Popken)