Cash for Clunkers Bill gets the nod of the Senate and House
The Cash for Clunkers bill gets the approval of the negotiating teams from both the
Senate and the House. This legislation is just one of the lifesavers planned by the government for the U.S. auto industry. It aims to revive the car industry back to its state prior to the recession.
The legislators have allocated $1 billion for the programs proposed in the Cash for Clunkers bill. The budget needed for the implementation of the package is around $4 billion but it will suffice the need of the program until September 2009. The $1 billion allotment is a portion of the $106 billion spending plan.
The provisions of the bill are almost the same as the requirements it was asking for when it was rejected in the Senate when it was first submitted. The U.S. Senate scrapped the bill for giving much favor for the big three of Detroit compared to the foreign competitors that have local assembly lines.
The Cash for Clunkers proposal still includes the suggestion of giving up to $4500 worth of voucher for consumers exchanging gas-guzzlers for more fuel-efficient vehicles.
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