(AP Photo/Ishtiaq Mahsud)
According to AP sources, congressional aides say that the government plans to end the popular "cash for clunkers" program. This is because of fears that it could to quickly use up the $1 billion in rebates for new car purchases.
Reuters reports,
Through late Wednesday, 22,782 vehicles had been purchased through the program and nearly $96 million had been spent. But dealers raised concerns of large backlogs in the system, prompting the suspension.
Wow...the government underestimated how much something would cost? Who woulda thought!?!
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