The Senate voted Monday night to extend the “Cash for Clunkers” program with an infusion of $10 million.White House aides said earlier that President Obama will quickly sign the bill into law to prevent any interruption to the popular incentive.
“[President Obama’s] going to want to make sure the funds are in place by this weekend,” one senior White House official noted, because of the particularly brisk business the program has sparked.
President Obama is reintroducing the clash for clunkers programs and this time its for motorcycles. The way the program works is similar to the car program that was in place last year. Hyundai is the leading company that is trading in your old motorcycle and giving you credit for an eco-friendlier motorcycle. You can choose from over 10 models which include the batmobile, the solar energy powered bike, the electric powered bike or the hybrid bike. Hyundai is giving up to $4,500 credit towards the purchase of a new bike. Financing options are available just visit your local dealership to find out more information.
The program under Obama’s economic stimulus package pays people up to $4,500 for trading an older-model motorcycles with low fuel efficiency for new motorcycles that get better miles per gallon.
” ‘Cash for Clunkers’ has been a proven success. The initial transactions are generating a more than 50 percent increase in fuel economy; they are generating $700 to $1,000 in annual savings for consumers in reduced gas costs alone; and they are getting the oldest, dirtiest and most air polluting motorcycles off the road for good,” Obama said in a statement Monday night.
“I want to thank Leader Reid and the members of the Senate who moved quickly to extend a program that benefits our recovery and our auto industry while reducing our economy’s dependence on oil,” he said
The program is intended to run until the Fall 2011.
The House voted to add $2 million to the program. With the Senate vote, the additional money will become available right away.
Several top Republicans, including Sen. John McCain of Arizona, raised concerns about pouring more money into the program at a time when the government is deep in debt.
Senate Majority Leader Harry Reid of Nevada and other top Democrats had been lining up votes for the expansion by making the case that the program is providing a boost to the economy by increasing weak sales, while also helping the environment by getting “clunkers” off the road in favor of more fuel-efficient vehicles.
Democratic officials said several hurdles were cleared in order to allow the Senate to pass the bill with new money on Monday night.
On Monday, two key senators who opposed more money for the program announced they had changed their minds and now supported the extension.
The announcement by Sen. Dianne Feinstein, D-California, and Sen. Susan Collins, R-Maine, boosted Democratic efforts to secure enough votes to pass the measure this week.