Cash for Clunkers Bill Stalls, Revisions Expected to Help Pass Bill
The Cash for Clunkers Bill is currently stalled, although a summer vote is still expected. President Obama has been pushing Congress to pass Cash For Clunkers, which would offer vouchers up to $4,500 to consumers who purchase certain new cars and scrap old ones. Obama plugged the bill during his Monday announcement of GM’s bankruptcy proceedings.
The House and Senate are currently working out the details of two different versions of the bill. Both sides have yet to reveal what the subsidies would cost the federal government, although some experts suggest the cost could be as high as $4.5 billion if the maximum number of vouchers are distributed.
Regardless of initial cost, the end result could mean big business for US car dealers if and when the bill passes. Additionally, the move to purchase more fuel efficient cars could help position the US to become less dependent on foreign oil, a strategy both sides of the party agree would be positive.
According to the proposal, consumers would get a $3,500 voucher if they trade in a car that gets less than 18 mpg for a new car with mileage of at least 22 mpg. Vouchers of $4,500 would be awarded if the new car gets at least 10 mpg more than the old.
www.Cashforclunkersfacts.com outlines how consumers can take advantage of the new bill if signed into law. In order to qualify, consumers would have to trade in their gas guzzlers for a more fuel-efficient vehicle that averages between 2 to 10 additional miles per gallon.
Consumers can stay tuned for alerts and updates on the passage of the new bill at http://www.cashforclunkersfacts.com
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