The Obama administration will suspend the "cash for clunkers" program unless the Senate provides $2 billion more for the popular car incentive plan, Transportation Secretary Ray LaHood said today. He said he expects the current $1 billion pool to be exhausted by the end of this weekend. The House approved an additional $2 billion on Friday and the administration is pressing the Senate to go along before its summer vacation begins at week's end.
"If we don't get the $2 billion from the Senate ... we would have to suspend the program next week," LaHood said in an interview on C-SPAN's Newsmakers. He said the administration "will continue the program until we see what the Senate does and I believe the Senate will pass this."