Obama signs Cash for Clunkers bill

After months of debate and several revisions by the US House and Senate, President Obama has signed the "cash for clunkers" bill into law.

The finalized program provides $1 billion dollars of government funding for consumers to scrap gas guzzlers, which get 18 mpg or less, in return for a $3,500 to $4,500 credit to purchase a new vehicle. Thanks to the government's red tape, the program is now restricted to vehicles that have been insured for the previous 12 months and are 25 years old or less.

Despite becoming law, several details still need to be worked out. The US Department of Transportation has 30 days to figure out how to run the program and prevent trade-in vehicles from being resold. According to the National Highway Traffic Safety Administration's spokesman, Rae Tyson, "We're going to require some foolproof means of proving that the (trade-in) vehicle will never be on the road again."

More information can be found at the government's new website, CARS.gov.