U.S. Transportation Secretary Ray LaHood has announced that the Car Allowance Rebate System, better known as ”Cash for Clunkers” will end on Monday, August 24th at 8PM EDT.
Just two weeks ago the President signed legislation that provided an additional $2 billion in funding for the program–an amount estimated at the time as sufficient to sustain current activity levels through the end of August (the original $1 billion in funding that the program received had been projected to last through October). Attributing the early end of the program to unexpectedly high consumer demand (rather than poor projections), the announcement was made yesterday that the plug was being pulled on the program.
The Department of Transportation has provided some details on how the program will wind down over the next few days.
Up-to-date information can be found at www.cars.gov.
Filed under: Economy, Tax | Tagged: Autos, Cash for Clunkers
when is cash for appliances going to start? thanks.