If you’re a legislator crafting a bailout for the auto industry in the middle of a national recession, you’d probably tweak it in such a way that U.S. manufacturers benefit the most. That wasn’t, however, what Congress did last summer with its $3 billion “Cash for Clunkers” program, which offered More…
Concerned that last summer’s $3 billion Cash-for-Clunkers program might be rife with waste and fraud, Sen. Charles Grassley (R-Iowa), senior Republican on the Finance Committee, is asking administration officials today for an accounting of where exactly all of that money went. Specifically, Grassley wants to know how much of More…
One year and one day after the Bush administration first offered to rescue GMAC, the Obama White House has announced a $3.8 billion bailout for the struggling auto- and mortgage-loan giant. From the Treasury Department’s statement:
Due to a variety of factors, including that
In June, when the Cash-for-Clunkers program — which provided a government subsidy to people who traded in older low-mileage vehicles to buy new, supposedly better-mileage vehicles — was humming to the tune of $1 billion, we wrote a piece warning that the program was hardly the environmental benefit More…
Of the $1.9 billion worth of vouchers submitted by car dealers under the “Cash for Clunkers” program, the Department of Transportation has sent payments totaling just $145 million, a senior administration official told reporters Thursday.
The official said the DOT has reviewed “just under 170,000″ of the 457,000 More…
A senior administration official told reporters this afternoon that the White House has “no plan for seeking additional funding” for the popular “Cash for Clunkers” program, which the administration is shutting down next Monday at 8 p.m.
“The overriding objective was to be conservative and to provide an More…
Facing morning headlines that auto dealers are dropping out of the popular “Cash for Clunkers” program because the government hasn’t reimbursed the vouchers, Senate Majority Leader Harry Reid (D-Nev.) fired off a letter to the Department of Transportation today urging administration officials to expedite their payments and provide More…
Even as it’s releasing frequent updates on the money being spent under the hugely popular “Cash for Clunkers” program, the Obama administration is still refusing to reveal details about what cars are being scrapped and sold.
The Department of Transportation released figures Wednesday indicating that, as of yesterday More…
With the enormously popular cash for clunkers program soon to exhaust its $1 billion allotment, the Senate on Thursday passed legislation providing an additional $2 billion, which the lawmakers hope will see the program through the month.
The vote — 60 to 37 — came less than a More…
As Senate Majority Leader Harry Reid (D-Nev.) announced last night, the Senate this afternoon will consider seven amendments before voting on a proposed $2 billion extension for the popular cash for clunkers program, which has nearly exhausted its initial $1 billion funding.
The amendments are:
1) Sen. Tom
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