Just six days after its inception, the Cash for Clunkers program has been suspended by the U.S. government. The program, which is meant to stimulate the economy by offering a $3,500 or $4,500 rebate towards the purchase or lease of a newer, more fuel-efficient car, is so popular that the funds have dried up well ahead of schedule.
As of this writing, it’s rumored that lawmakers will ask the White House for more funds to continue the Cash for Clunkers program. The $1 billion allocated to Cash for Clunkers was supposed to last until November 1, but may already have run out less than a week into the program.
Despite the funding issue, Michigan Senator Carl Levin has released a statement that says that Cash for Clunkers will be good at least through Friday, according to Transportation Secretary Ray LaHood.