Cash for Clunkers

The message from the White House to the American people today is if you’re planning to buy a car this weekend  by participating in the “Cash for Clunkers” program – GO FOR IT. White House Press Secretary Robert Gibbs told reporters members of the Obama administration were working with bipartisan members of Congress on finding more money to continue the program.

“Cash for Clunkers” is the program offering people with older vehicles $3500 or $4500 toward buying a more fuel-efficient new car or truck. The program was approved by Congress to help the struggling auto industry and take gas guzzlers off the road. The program officially launched a week ago, and reports surfaced late Thursday the $1 billion program was running out of money.

All indications are the administration and lawmakers are looking to reallocate money from the $787 billion stimulus package that has not been spent. The House is looking to pump $2 billion that was originally directed toward a renewable energy loan guarantee program. But at least some Republican members in the Senate are opposed to pumping more money into the program.

Texas Republican Congressman Jeb Hensarling is also opposed to spending more on taking clunkers off the road. “You cannot bailout, borrow and spend your way to prosperity,” Hensarling said.