'Cash For Clunkers' Extended

Law360, New York (August 7, 2009, 2:33 PM EDT) -- The U.S. Senate has voted to prolong the “cash for clunkers” program, and will begin considering separate, longer-term legislation that would also reward fuel-efficient car buyers.

On Thursday, the Senate approved a $2 billion extension of the cash for clunkers program, which gives motorists a $3,500 or $4,500 rebate for trading in their old, gas-guzzling vehicles for new, fuel-efficient ones.

Congress originally appropriated $1 billion in funding for the program. This was expected to last four months, but most of the money has already been used...
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