On August 20th, US Transportation Secretary Ray Lahoud held a press conference announcing that after the “crazy and successful operationâ€, the Department of Transportation’s “Cash for Clunkers†plan will be held on August 24th. End. This popular car subsidy program has prompted nearly 500,000 car sales in a short period of time. Some US media said with a chuckle: "The plan was so successful that the government had to stop it." "Cash Changer" The official name is "Car Allowance Rebate System" (CARS for short). American consumers participating in the plan only need to bring a qualified fuel-consuming old car and receive a government subsidy of $3,500 to $4,500 when choosing a new, more fuel-efficient car.
On the evening of the 20th, Beijing time, the reporter dialed a telephone from a Ford Motor Sales Company in New Jersey, and sales personnel said that after the “Cash for Old Trucks†project started, their car sales increased significantly. “This is the last two years. Did not see." So far, the sales line has sold about 100 new cars through “cash for old carsâ€, and the inventory of new cars is running out.
Sales situation is much better than expected
According to U.S. media reports, the Ministry of Transport’s “cash for old cars†plan was officially launched. In just a few days, the government’s initial set-up of US$1 billion in subsidies was immediately put off. The U.S. Congress had to pass a bill again in early August, adding another 2 billion U.S. dollars to the plan. The Ministry of Transportation originally predicted that 3 billion U.S. dollars may be used up before Labor Day (September 7), but the actual sales situation is far better than expected. In order to ensure that the project funds are used up, the car dealers will pay With all subsidies, the government had to stop the "cash for old cars" in advance.
Lahoud said that so far the project has completed 457,000 "cash-for-trafficking" transactions with a total subsidy of 1.9 billion U.S. dollars. In July, an authoritative automotive sales and consulting company had predicted that the “cash for old cars†project could only be switched to 200,000 vehicles this year, but August was not over yet, and the figure was more than twice as expected.
“This plan is a 'lifeline' for the US auto industry and is an important part of the US economic revitalization measures. It has brought many people back to work.†Lahoud said: “At the same time, you can make those Old, polluting cars leave the road and help consumers buy energy-efficient cars.†He said that before the end of the plan at 8 pm on the 24th, people who want to participate in the project still have enough time to go to the auto sales agency to pick themselves up. Like new car.
Congress adds 2 billion U.S. dollars
Under the "Cash Changer" program, consumers can exchange new cars with at least 22 miles per gallon for old cars with 18 miles per gallon or less, and receive subsidies of 3,500 to 4,500 U.S. dollars. The plan involves about 2630 types of vehicles and 600 new cars from the US, Japan, and Europe. According to the Ministry of Transport, many car buyers have replaced their light-duty trucks and SUVs with more fuel-efficient cars. They expect that consumers who participate in the "Cash Changer" program will save an average of 60% of their cars.
The "Cash Changer" program originally started on July 1. However, the Ministry of Transportation did not officially announce the details of the plan until July 27, and opened a special website to accept consumer purchase applications. Four days later, the American Automobile Dealers Association informed the Ministry of Transportation that the original 1 billion funds of the project will be used up.
For this reason, Congress must pass the bill again and mobilize funds to ensure that cash-for-trading vehicles have enough cash. On August 6, after the House of Representatives approved an additional 2 billion in appropriations, the Senate discussed the matter. Although it has become obvious that the “cash for old cars†has been welcomed by the public, there are still Republican lawmakers who raise questions and fear that it will increase the deficit.
The additional 2 billion U.S. dollars came from another stimulus package that encourages green energy projects. Some lawmakers hope that they will be added outside the scope of approval, which means that the new funds will increase the federal government deficit. This was dissatisfied with the Republican lawmakers. They proposed a revision plan and demanded that the additional funds would no longer add a burden to the deficit. The Democrats said that the replacement of energy-saving cars by "cash-for-traditional vehicles" will reduce Americans' future gasoline expenses, and it will also be beneficial to the economy.
In the end, the Republican Party’s amendment was not approved. The Senate voted with 60 votes and 37 votes against the smooth approval of the additional appropriation bill.
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