Statement by President Barack Obama on Senate Passage of Cash for Clunkers Extension

The President says businesses across the country – from small auto dealerships and suppliers to large auto manufacturers – are putting people back to work as a result of this program.

Courtesy: politisite.files.wordpress.com

(WASHINGTON D.C.) - President Barack Obama has issued a statement thanking the United States Senate for acting in a bipartisan way to use Recovery Act funds to extend the ‘Cash for Clunkers’ program.

"Now, more American consumers will have the chance to purchase newer, more fuel efficient cars and the American economy will continue to get a much-needed boost," Obama said.

He believes the ‘Cash for Clunkers’ program has been a proven success and a relief for the environment.

"The initial transactions are generating a more than 50% increase in fuel economy; they are generating $700 to $1000 in annual savings for consumers in reduced gas costs alone; and they are getting the oldest, dirtiest and most air polluting trucks and SUVs off the road for good."

The President says businesses across the country – from small auto dealerships and suppliers to large auto manufacturers – are putting people back to work as a result of this program.

"I want to thank Leader Reid and the members of the Senate who moved quickly to extend a program that benefits our recovery and our auto industry while reducing our economy’s dependence on oil."