The House on Tuesday approved a "cash for clunkers" bill that aims to boost new auto sales by allowing consumers to turn in their gas-guzzling cars and trucks for vouchers worth up to $4,500 toward more fuel-efficient vehicles.
President Barack Obama has encouraged Congress to approve consumer incentives for new car purchases as part of the government's work to restructure General Motors and Chrysler. The House approved the bill 298-119.
How much is this abomination of a bill going to cost us?
Separately, House and Senate appropriators were discussing providing $1 billion to a supplemental war funding bill for the "cash for clunkers" program, which aims to generate about 1 million new auto sales. Since the yearlong vehicle program is expected to cost $4 billion, lawmakers would attempt to find the additional money later this year.
Where are they going to find this "additional money"? We're already in a deep enough deficit hole as it is. There aren't any money trees or pots of gold at the end of any rainbows in DC last time I checked.
They are just trying to boost sales of Government Motors. They've made the mistake of taking it over, and now, they have to cover their tracks and make it profitable at all costs.