Originally posted by: her209
Originally posted by: Freshgeardude
I think the program is a good idea but its being overused on 5 year old, perfectly good cars.
I'd bet that these "5 year old, perfectly good cars" have a higher trade-in value than $4,500.
I know plenty of people that would take the cars and pay the 4,500 to the person instead of destroying the car.
Hell, I would too if I could resell it for more than $4,500.
Hey, you aren't going to be eligible for this bailout unless you make less than $50K. Guess that leaves me out.
Clunkers' Program Hits a Speed Bump
August 06, 2009 6:01 PM
ABC - The Note
ABC News' Jonathan Karl reports: The effort to inject another two billion dollars into Cash for Clunkers has hit a potential road block in the Senate that could kill the bill.
Republiicans are throwing their support behind an amendment offered by Tom Harkin, D-Iowa, that would limit clunker rebates to individuals with annual incomes of 50 K or less. With Republican support the amendment stands a good chance of passing unless the majority of Democrats, who mostly favor the amendment, vote against it.
Why is that a problem?
If any amendment passes it means the House has to take up the bill again and the House, of course, has already adjourned for its August recess.
The Democratic leadership is now scrambling to get rank- and -file Democratic senators to vote against an amendment almost all of them favor. It would be a very tough vote.
"It does seem to be out of character for Democrats to support allowing millionaires access to borrowed money to buy cars," said Don Stewart, spokesman for Senate Republican leader Mitch McConnell, R-Ky.