House approves cash-for-clunkers
Posted on June 10th, 2009 • by Bill Cawthon
By a 298-119 vote, the U.S. House of Representatives has approved legislation which would provide up to $4 billion in cash vouchers for Americans who buy more efficient cars and trucks.
The plan, which offers up to $4,500 for trading in a gas-guzzler, is designed to ignite consumer interest in new vehicle purchases. The plan is similar to those offered in European countries which have seen robust sales as a result and is supported by automakers and President Obama.
All brands of light vehicles are covered but it’s hoped the American automakers will be the biggest beneficiaries.
The bill now goes to the Senate which is already considering two versions of similar legislation.
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