The hotly contested "Cash for Clunkers" program has received a major vote of confidence thanks to a new bill passed by the U.S. House of Representatives.
Aimed to give owners of gas guzzlers up to $4,500 to purchase a more fuel efficient vehicle, the program will attempt to kick start lagging automotive sales. Although the House only set aside $4 billion dollars of initial funding, the Congressional Budget Office estimates that the bill could spur at least 625,000 new vehicle purchases.
In order to be eligible under the program, the "clunker" would need a combined fuel economy rating of 18 mpg or less.
Supporters in the Senate hope to attach the bill to the next major piece of legislation in order to get it on the President's desk as soon as possible.
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Edited by user on June 13, 2009 at 8:19 PM