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Cash for clunkers program now in the hands of the senate facing prospects of ending that program the administration is lobbying Republicans for support but.
Some holdouts are objecting to the cost of it.
The transportation secretary Ray LaHood says the program could end as early as today at the senate doesn't come up with the money.
And approved two billion more dollars white house press secretary Robert Gibbs saying the body can last -- the weekend but of the senate extends the program then they can run it through September.
While lobbying for support the administration reportedly telling senators 120000.
Deals have been put through the system and roughly 100000 more could still be coming.
Until the money runs out and there's little doubt the cash for clunkers program boosted July auto sales all the major auto makers posting better results in July than they did in June.
And compared to last year Ford -- the -- your screen there with the small gain year over year.
And the declines that were still reported by the likes of Chrysler and General Motors for smaller than they were expected today.
All data acquisition and Mikey at investments -- avenue name for the cash have a number matter what you don't Paul said yesterday he liked it were clunkers so this is Canada is to say it's a -- nine but -- buffalo and tonight will be much missed left.
Well let's hope that tells coordinate them and you can write this the united programs something that -- equipment and -- let this have a good ring to it right -- get that -- sent it along the -- that true wordsmith it lets you as you remember -- anything -- -- -- I appreciate it is very -- you so -- what do you -- again.
Here we are back -- second day as we've been talking about this story.
I we have the auto sales now apparently cash for clunkers.
Program helped out a little bit -- though is that more -- that more incentive to keep this program around.
I think summit and we are one of the big problems that we saying is that banks aren't lending to people and this is a way of getting money strains of people's pockets but at some.
Statistical analysis last month and divided one billion by 400 and 4500 dollars and it's 222222.
Worn out so -- think from the steering wheel back and that's how many they'll get and you know and I think if he's working -- -- -- sending more calls than.
It's probably -- -- things to do a little bit more it's Joseph the economist of the market this also -- -- trying to figure out what's the impact.
If there's any.
On the economy that's that's really the idea -- right to try to push things a little -- -- but you're selling more cars but we don't know.
I guess for a -- whether that'll translate into.
You know things like jobs and everything else that that goes along with it otherwise the money's just kind of going and one door out the other just being transferred one handed the other day as we get as we discussed this and everyone's got to repair their balance sheets and an amendment -- tax -- before.
We've seen savings relations counsel the money's not been -- over that little -- money's not mean it happened in the economy.
Maybe if this this works then you'll say that you know that you semi because -- -- -- -- -- she's the little circuits -- -- to rebuild their inventories so that that can be quite positive and.
You know it is very opportunity here for an investment and we know the government back in general -- -- sperm samples so they're not gonna lead General Motors once it becomes public again you go into bankruptcy is as far as -- as an investment strategy.
Is there one around me how to -- -- little.
Not to be honest on my view you know this is a very issue tensing when it stops.
That that -- -- you know another thing you going to be seeing people kind of on extra -- purely.
Because -- office on on -- -- You know people will be cutting back on spending going forwards and -- I don't think it's necessarily a long term thing but.
It has been seen in Europe has been singing talent when you -- these incentives there is a short term impact which have -- Soviet it the issue is whether -- -- now or whether it stops maybe September I was that you are coming -- I think yeah it's it's helping but I don't think it's a sentinel you know panacea it's that.
But at the end the woes of the.
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