'Cash for Clunkers' Finds its Congressional Sponsors

02/15/2009 05:12 am ET | Updated May 25, 2011
  • Mike Lillis Washington Independent

How's this for a stimulus plan?

A trio of senators introduced legislation today allowing owners of gas-guzzlers to trade their vehicles in for thousands of dollars in credit on a more fuel-efficient car.

The temporary "cash for clunkers" program would work like this: Owners of vehicles that get less than 18 miles-per-gallon would be able to turn in those cars for $2,500 to $4,500 in credit toward the purchase of a more efficient model. The gas guzzler would be scrapped, getting it off the road forever.

Sponsors of the bill -- Sens. Dianne Feinstein (D-Calif.), Susan Collins (R-Maine) and Charles Schumer (D-N.Y.) -- say the four-year program would retire up to one million gas guzzles in the fourth year while saving up to 80,000 barrels of fuel per day.
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