Republican and Democratic senators have come to a compromise that would allow the funding bill to be passed.
The United States Senate is expected to provide an additional $2 billion dollars worth of funding for the cash for clunkers program today.
Senate Majority Leader, Harry Reid, announced Republican and Democratic senators have come to a compromise that would allow the funding bill to be passed. This is critical since the House has already passed the bill, and President Obama has already agreed to sign it (passage in the Senate is the only thing holding up new funding).
Automakers were quick to express their support for additional funding, as Ford spokesman Mike Moran said, "We're very encouraged by the potential of extending the program. We look forward to seeing the results of the vote."
As we have previously reported, the cash for clunkers program gives consumers up to a $4,500 incentive to trade in a "clunker" for a new more fuel efficient vehicle.