Is cash for clunkers running short of cash




Amid confusions over the suspension of cash-for-guzzlers popular government program by auto dealers last night because it was approaching the one billion dollar limit, a white house spokesman confirmed that the program has not been suspended and continues to operate, however continuous assessment is being carried out to assess the budget and the program. ‘Transportation Department told us to cancel the program after just six days’ revealed Bailey Wood, the spokesman National Automobile Dealers Association.

.

‘Administration department is in regular touch with House Speaker Nancy Pelosi, D-Calif., and sponsors of the cash-for-guzzlers legislation in to find a solutions. We are concentrating on getting results by this program a successful one’, said Pelosi spokesman Drew Hammill. However, this statement was declined by Rae Tyson, the spokesperson of Transportation Department. Wood was not available for comment. Wood said ‘NADA is planning to send an advisory to members on how to react to the expected defect’. Members of the Michigan congressional delegation also are set to discuss how to increase funding for the program.

 

Wood came up with a revelation “The proof for a backlog of around 200,000 pending claims, which may exhaust the program’s budget of $1 billion, was found by the survey conducted by NADA”. It must be noted here that NADA conducted a survey of 2,000 dealers.

 

.The program started processing the claims of the dealers for repayment of a sum of $3,500 to $4,500 consumer credits on 24th July. The program was supposed to continue through 1st November.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: