Cash For Clunkers Funding Extension to be Passed Today?

A number of sources are reporting that the long awaited $2 billion Cash For Clunkers extension bill, passed by the House last week, will be voted on today by the Senate. USA Today reports today that Majority Leader Harry Reid, D-Nev., said he has enough votes to pass the bill, following lengthy negotiations with lawmakers from both parties.

The Obama administration said Wednesday that about $775 million of the original $1 billion allocation to the Car Allowance Rebate System, or CARS, has been spent, and applications for 185,000 rebates have been processed. The $2 billion extension is thought to be adequate to fund the program through Labor Day.

Unlike many dealers who are reporting critical shortages in inventory as a result of the high demand generated by the Cash For Clunkers program, Bernardi Honda continues to receive daily truckloads of new vehicles to replenish its most popular Honda cars, trucks, Minvans, and SUVs.