“This program has been a lifeline to the automobile industry, jump starting a major sector of the economy and putting people back to work,” said U.S. Transportation Secretary Ray LaHood. “At the same time, we’ve been able to take old, polluting cars off the road and help consumers purchase fuel efficient vehicles.”
But the program has proven so popular that the Obama administration has struggled to keep its growth in check, pushing an emergency $2-billion extension through Congress earlier this month when the plan burned through its original $1 billion in about a week.
Yes, the program is ending because of its success, and the continued fear that it will run out of money.
A good measure of success for a government program if there ever was one. Um, maybe.
U.S. to shut down cash for clunkers at 8 p.m. Monday [Detroit Free Press]