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'Cash for Clunkers' Goes Broke

Car-swap program burned $1 billion in one week.

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Roger L. Wollenberg, UPI Photo / Landov

Obama's much-heralded "Cash for Clunkers" program was supposed to last until the end of October—but on Thursday, less than one week after its launch, the White House announced the program would be suspended. Apparently it burned through the $1 billion allocated for it in six short days. The program began last Friday, with car dealerships registering to sell new, more fuel-efficient vehicles to consumers who traded in older ones. Consumers were to receive a discount on their new vehicles. The National Highway Traffic Safety Administration, which is responsible for the program, has yet to comment on Clunkers' demise.

Read it at Politico

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