It's now just up to President Obama to sign the bill into law and
new car buyers will be eligible for a $3,500 or $4,500 cash voucher to
purchase a more fuel efficient car under the cash for clunkers program.
The
only catch—new car buyers will have to scrap a car that gets less
than 18 miles per gallon for a new car getting at least 22 miles per
gallon.
According to Rueters the bill was nearly defeated by
Republicans but it passed with Democratic support and the lobbing of
President Obama.
Rueters reports that:
"Although
many people believe that the program is designed to reduce global
warming emissions through the eradication of gas guzzling cars, its
true purpose is to help out struggling automakers and car dealers with
new car sales. A person who receives a credit as part of the program
cannot buy a used car with the monies. Car sales in 2009 are predicted
to be nearly half of what they were in 2008."
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