House approves additional $2 billion for CARS program

Automotive News is reporting that House of Representatives has passed legislation that would add another $2 billion Cash Allowance Rebate System, aka “Cash for Clunkers.” The money would come from a federal loan program for renewable energy systems funded earlier this year as part of the Administration’s stimulus package.

“This is the first glimmer of hope we’ve seen in the auto industry,” said David Obey (D-WI), chairman of the House Appropriations Committee, the bill’s sponsor.

The bill will go to the Senate next week.