President Obama signed H.R. 3435 into law today, completing the legislative process for extending the Cash for clunkers program with an additional $2 billion in funding. The signing came less than a day after the Senate voted to pass the House measure from the preceding week.

Obama said, "I want to thank the United States Senate for acting in a bipartisan way to use Recovery Act funds to extend the ‘Cash for clunkers’ program. Now, more American consumers will have the chance to purchase newer, more fuel-efficient cars and the American economy will continue to get a much-needed boost. ‘Cash for clunkers’ has been a proven success: the initial transactions are generating a more than 50 percent increase in fuel economy; they are generating $700 to $1,000 in annual savings for consumers in reduced gas costs alone; and they are getting the oldest, dirtiest and most air polluting trucks and SUVs off the road for good. Businesses across the country – from small auto dealerships and suppliers to large auto manufacturers – are putting people back to work as a result of this program.”

Learn more in our cash for clunkers special section.

—Jeff Bartlett

Also read:
Cash for clunkers: CARS program beats all expectations
Cash for clunkers: Most popular clunkers, new cars
Cash for clunkers: The safety advantages with new cars
Cash for clunkers: Recommended cars that qualify for a voucher
Cash for clunkers: The best gas guzzlers to junk
Cash for clunkers: Compare the fuel savings
Cash for clunkers: Fuel and owner costs
Cash for clunkers bill cuts fuel consumption–running the numbers

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