Cash For Clunkers Breaks Its Bank in Less Than One Week (UPDATED)

old car photo

photo: Mike via flickr
Update: Top 10 Most Fuel Efficient Cars to Buy with "Cash for Clunkers" Money

It's only been a short while that you could actually participate in the Cash for Clunkers program -- four days in fact -- but response was so overwhelming that the program has already depleted its $1 billion budget, Raw Story reports:
The Obama administration is apparently now scrambling on finding money to extend the wildly successful program, which offered owners of old cars and trucks up to $4500 towards the purchase of new, more fuel-efficient vehicle.

Senators Say Any Extension Must Have Tougher MPG Requirements
The program had received criticism for being too generous in terms of what was considered a fuel efficient vehicle -- under the program even new passenger cars getting as low as 23 mpg were eligible for $3500.

Senators Dianne Feinstein (D-CA) and Susan Collins (R-ME) addressed these concerns in a statement saying that any extension of the program should included stricter guidelines in this regards. They also called for modification of the program to "include lower-income consumers who are disadvantaged under the current program.

via: Raw Story
UPDATE - 2:25 ET
The New York Times is reporting that the House has pushed aside all other business an appropriated an additional $2 billion for Cash for Clunkers. The Senate will take up the matter next week, prior to the summer recess.

Squashing earlier media reports that the program had been suspended, the White House has stated the program is still very much alive.

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