"The popular but cash-strapped 'Cash for Clunkers' program faces a tough battle for more funding in the Senate," said Jonathan Karl in ABC News. The House approved another $2 billion after the initial $1 billion ran out in the first week of the program, which offers rebates to people who trade in gas-guzzling old cars to buy more fuel-efficient new ones. But it will be tough to muster enough support to get the issue on the Senate's schedule this week, before the August recess begins on Friday.
Let's hope Congress lets "cash for clunkers" die, said The Wall Street Journal in an editorial. It's great for car companies, and fine for people who stand to collect $4,000 in rebates for dumping an unwanted jalopy. But this Democratic giveaway is "crackpot economics." Cash for clunkers isn't creating wealth, it's only transferring it from one taxpayer's pocket to another's.
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