Every once in awhile our elected representatives in Washington have what almost amounts to a good idea. In this case, last January, the Democrats proposed the so-called, ‘Cash for Clunkers’ program, that would give car buyers up to $4,500 toward the purchase of a new car when they traded in a their current gas guzzler for a model that exceeds federal fuel economy standards. However, this past week House Energy and Commerce Committee Democrats proposed a a minor change to the vehicle scrappage program; the new vehicle will no longer have to exceed federal fuel economy standards, it just has to be new (correction: it also must exceed the clunker’s mpg rating – but not necessarily exceed the federal fuel economy standard to qualify).
Watered down compromise once again.
source: reuters
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Not true – It doesn’t require a huge upgrade but it does require better MPG.
Read the committee fact sheet.
http://energycommerce.house.gov/Press_111/20090505/cashforclunkers.pdf