U.S. ‘Clunkers’ Program Said to Be Out of Money (Update1) - Bloomberg.com

U.S. ‘Clunkers’ Program Said to Be Out of Money (Update1) - Bloomberg.com:

"July 30 (Bloomberg) -- The U.S. government’s $1 billion “cash for clunkers” program is being closed because it is almost out of money six days after it began, a person familiar with the matter said.

The effort to get older, less fuel-efficient vehicles off the road, for which rules were published on July 24, will be halted at midnight New York time tonight because demand proved greater than expected, said the person, a congressional official. Funds are close to running out or have run out, the official said.

....

The program was to continue until Nov. 1 or when the money runs out. Jill Zuckman, a Transportation Department spokeswoman, and Nick Shapiro, a White House spokesman, declined to comment."