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cash for clunkers done.........it didn't take long for another billion blown....
By Corey Boles and Josh Mitchell
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The Department of Transportation is temporarily
suspending its cash for clunkers program from midnight Thursday because Obama
administration officials believe the $1 billion allocated to the scheme has
been exhausted after just one week, according to several congressional
sources.
DOT officials were contacting lawmakers offices Thursday evening to inform
them that the program would be at least temporarily halted, the sources said.
The plan went live on July 24, and it was anticipated it could take several
months for the $1 billion designated by Congress for the program to be
exhausted.
Instead, it has taken less than a week.
DOT officials believe all the money may have been spent, but want to suspend
the program at least temporarily to allow all transactions to be processed.
If it emerges that there is still money remaining, the program could be
reinstated.
Cash for clunkers allows individuals to trade in older, heavier polluting
vehicles for newer, cleaner ones. It was authorized as part of a $105 billion
legislation to fund the wars in Afghanistan and Iraq.
The measure was intended to spur sales at U.S. car makers and to take heavy
polluting cars off the roads.
-By Corey Boles and Josh Mitchell, Dow Jones Newswires; 202-862-6601;
By Corey Boles and Josh Mitchell
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The Department of Transportation is temporarily
suspending its cash for clunkers program from midnight Thursday because Obama
administration officials believe the $1 billion allocated to the scheme has
been exhausted after just one week, according to several congressional
sources.
DOT officials were contacting lawmakers offices Thursday evening to inform
them that the program would be at least temporarily halted, the sources said.
The plan went live on July 24, and it was anticipated it could take several
months for the $1 billion designated by Congress for the program to be
exhausted.
Instead, it has taken less than a week.
DOT officials believe all the money may have been spent, but want to suspend
the program at least temporarily to allow all transactions to be processed.
If it emerges that there is still money remaining, the program could be
reinstated.
Cash for clunkers allows individuals to trade in older, heavier polluting
vehicles for newer, cleaner ones. It was authorized as part of a $105 billion
legislation to fund the wars in Afghanistan and Iraq.
The measure was intended to spur sales at U.S. car makers and to take heavy
polluting cars off the roads.
-By Corey Boles and Josh Mitchell, Dow Jones Newswires; 202-862-6601;
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We're gonna drag the Black Thunder up to Conroe tomorrow to tool around lake. There aren't any water level issues correct? I heard just a little lower than the poker run correct? If any of y'all are out, give a yell. Tommy
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Tommy - staying the weekend up there? We're thinking about running Waynes new NorTech Sunday around here so if your around maybe we can raft up somewhere - oh wait - he'll probably never want to stop being it's new to him ..... LOL!!
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Just a day trip. Will be back late Sat.
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