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Cash-for-clunkers program ends Monday in U.S.

By Andrew Moran     Aug 21, 2009 in Politics
According to the government on Thursday, the cash-for-clunkers will end on Monday. They have winded the program down determining that it would soon run out of money.
The Obama administration has confirmed that the $3 billion cash-for-clunkers program will end on Monday. They also stated that dealers must submit pending clunker transactions, including paperwork. The deadline will be Monday at 8 p.m.
Transportation Secretary Ray LaHood, according to MSNBC, said, "It's been a thrill to be part of the best economic news story in America. Now we are working toward an orderly wind down of this very popular program."
As of Thursday, cash-for-clunkers has recorded over 457,000 dealer transactions worth $1.9 billion. Under this program, vehicles purchased after July 1 are eligible for refund worth between $3,500 and $4,500 on traded-in cars with a fuel economy rating of 18 miles per gallon or less.
In its debut week, it was such a public success that Congress actually approved an extra $2 billion for the program.
However, there have been many skeptics regarding cash-for-clunkers such as Euro Pacific President and possible Connecticut Republican Senator Peter Schiff who said, according to Digital Journal, "We are spending money to take an asset that works … and destroy it. What’s probably going to happen in a couple of years is we’ll need a bailout for all the people who bought cars with their cash for clunkers money and can’t afford to make their payments."
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