This news is breaking, so all the details aren’t in yet, but it appears President Barack Obama and House Democrats have agreed on a “cash for clunkers” bill. According to early reports, the bill would give incentives to buy new, fuel-efficient cars to anyone trading in a car that gets 18 mpg or less. The amounts of the incentives aren’t known yet, but it’s interesting to note that pickups and SUVs will also be included in the program, as will heavy-duty work trucks that have no EPA mileage ratings. For those heavy-duty trucks, any 2001 or earlier model will be eligible for the incentive.
The bill still needs to be introduced, debated and passed by both the House of Representatives and the Senate before car shoppers out there start thinking about dumping that old Grand Marquis in the driveway.
House Dems reach 'cash-for-clunkers' deal (Detroit News)