I just couldn’t believe this. The LA Times is reporting that the government’s $1 billion program to revitalize the car industry by offering federal rebates of up to $4,500 for folks trading in their fuel-inefficient vehicles as they purchased new eco-friendly models has exhausted its resources. Now, the Feds are trying to find more money for the program. Notes the Times:
The program, designed to jump-start car sales and improve the fuel efficiency of the nation’s auto fleet, unleashed a wave of pent-up demand that threatened to exhaust funds before dealers could be fully reimbursed for rebates under the plan.
As word got out Thursday that the program might be suspended at midnight, some car dealers reported a surge in nighttime buyers. But government officials later said the program — dubbed CARS for Car Allowance Rebate System — was not going to be suspended overnight.
“We are working tonight to assess the situation facing what is obviously an incredibly popular program,” the White House said. “Auto dealers and consumers should have confidence that all valid CARS transactions that have taken place to date will be honored.”
