You can’t turn on the TV and avoid the ads for the dealers promoting the
Cash for Clunkers program. Experts predicted that the money would last at least two to three weeks, but alas, it is not so.
The LA Times is reporting that in less than one week, the $1 billion dollars for the program is already gone and the government is scrambling to find more money to keep the program going. Worst case, I suppose they can just write “IOUs” like the state of California is doing and according to Governor Schwarzenegger, may be bailing out the federal government some day.
“We are working tonight to asses the situation facing what is obviously an incredibly popular program,” the White House told the LA Times. “Auto dealers and consumers should have confidence that all valid CARS transactions that have taken place to date will be honored.”
