Thursday, July 30, 2009

U.S. to suspend auto "clunkers" program

"The Obama administration will suspend a $1 billion program intended to spur U.S. auto sales after it approached its funding limit after only a few days, government and industry sources said."

"The program was expected to run through September 30 but the sources said the administration would suspend it within the next day."

"The government estimated 250,000 auto sales if the full rebate was granted. It is unclear how many vehicles have been sold under the program. The government formally launched the program on July 24."

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