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Deficits/Debt
July 31, 2009

Are there any limits on government over-spending?

Deficits Debt

"White House officials and lawmakers were studying late Thursday how to keep alive the government's cash-for-clunkers incentive program because of concerns the program's $1 billion budget may have been exhausted after just one week.

Obama administration officials warned congressional leaders Thursday it planned to suspend the program at midnight. But the White House released a statement late Thursday saying that completed deals would be honored and the program is still under review.

A White House official said, 'We are working tonight to assess the situation facing what is obviously an incredibly popular program. Auto dealers and consumers should have confidence that all valid [cash-for-clunker] transactions that have taken place to-date will be honored.'

Lawmakers are discussing with White House officials where to find funding -- including possibly tapping the government's Troubled Asset Relief Program, or TARP, a congressional aide said.

The clunkers program, which offers rebates of up to $4,500 to consumers who trade in old vehicles and buy new, more fuel-efficient models, began July 24 and sparked a surge in car sales.

'It was an absolute success,' said Michael J. Jackson, chief executive of AutoNation Inc., the U.S.'s largest chain of auto dealerships. 'There's a very compelling case the government should put more money into it. It's a great stimulus to the economy.' "

*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.

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