Cash for Clunkers Program is Running on Empty

I was just perusing one of my favorite green blogs and it seems the cash for clunkers program AKA CARS is completely empty of its 875,000,00 million dollars. That was fast!!! But here is some hot news off the press. Another 2 Billion would be great!

House Majority Leader Steny Hoyer (D-Md.) told colleagues Friday morning that the House will vote today on a measure to transfer $2 billion from the stimulus to replenish the depleted cash-for-clunkers program, which has run out of money in its first week.

Under the fast-track bill, Democratic leaders will use funds from a renewable energy loan guarantee included in the stimulus, according to the bill text, obtained by POLITICO.

The bill would extend the program through Sept. 30, 2010. Democrats have portrayed the run on cash for clunkers cash as a great success for the $1 billion program, which allows car owners to turn in older, less fuel efficient cars for a $4,500 rebate to purchase higher gas mileage vehicles.

“Cash for Clunkers may have run out of cash, but America’s consumers haven’t run out of clunkers. We’re going to work with the Obama administration to keep this wildly successful program going until it reaches its goal of helping consumers take 1 million gas guzzlers off the road,” said Rep. Ed. Markey (D-Mass.), who co-authored the legislation.