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U.S. ‘Cash for Clunkers’ deal near

Posted Friday, Apr 24, 2009, 1:14 pm in Industry News

Congressional sponsors of two competing bills to offer cash vouchers to retire older vehicles and spur auto sales said Thursday they are nearing agreement on a compromise, The Detroit News reported.

Rep. Steve Israel, D-N.Y., a sponsor of one of the bills, said officials were “90 percent” of the way to a compromise “Cash for Clunkers” program, the paper said. According to the News, the program could cost as much as $4 billion and help retire at least 1 million older vehicles. Senior congressional aides and members of the Obama auto task force met earlier this month in search of the best way to pay for and structure it, the paper said.

There are two sharply differing competing proposals in Congress to offer cash vouchers of up to $5,000, The News said. Both would require the scrapping of older vehicles to remove them from the roadways and both would give drivers the option of trading in an old car for a bus or subway pass. In addition to promoting energy efficiency, the idea is to boost new car sales and get vehicles on the roads with updated safety features, the story said.
(The Detroit News)
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