schumer

House Democrats have just reached a compromise on a cash-for-clunkers bill that would provide financial incentives for people to trade in their old gas-guzzlers for more fuel efficient vehicles.
From the Energy and Commerce Committee’s press release:

Under the agreement, consumers may trade in their old, gas-guzzling vehicles and receive vouchers worth up to $4,500 to [...]

President Obama is pushing a compromise cash-for-clunkers program that will bridge the gap between two competing bills and provide a sliding incentives scale, whereby drivers will receive a cash voucher for trading in their old cars for more fuel-efficient ones — the greater the increase in efficiency, the more valuable the voucher.
Yet the plan has [...]

Congress and the president rushed to rescue the financial system with a $700-billion bailout. Now they need to turn their attention to the housing front, where foreclosures continue to mount. One proposed solution: modify the terms of existing mortgages.