Congress OKs 'Cash for Clunkers'

WASHINGTON -- Last-minute intervention from the White House on Thursday swayed a crucial Democratic senator to rescue a $1 billion "cash for clunkers" plan to boost battered auto sales. The full bill ... cleared the Senate on a 91-5 vote and was sent to the White House for Obama's signature, likely next week. The program, which is expected to go into effect in late July or early August, would give consumers cash incentives to trade in gas guzzlers for new models with higher fuel efficiency. The program "will boost consumer confidence, get the economy going again and reduce our dependence on foreign oil," said John McEleney, [chairman] of the National Auto Dealers Association.

Source: The Detroit News