U.S. Transportation Secretary Ray LaHood said the Car Allowance Rebate System (CARS), offering incentives for trade-ins, should have enough funding to support one more weekend of sales. Earlier this month, the U.S. government pumped $2 billion into the program on top of the original $1 billion in funding. At the time, LaHood estimated the total $3 billion in funding would last until Labor Day. Looks like LaHood was off by a couple of weeks.
LaHood said there are no plans to expand the program again, but some representatives, including Democrat Sander Levin or Royal Oak, Mich., say Congress should add another $1 billion into the program.
[Source: The Detroit News]