Cash for Clunkers lives. As expected, Congress tonight sent President Obama legislation with an additional $2 billion to extend the program. The Senate approved the money on a 60-37 vote after administration officials said the initial $1 billion had run out in only 10 days. The House voted last week to keep alive the program, which gives consumers up to $4,500 in federal subsidies if they trade in their cars for new, more energy-efficient models.
"The reality is this is a program that has been working," said Sen. Debbie Stabenow, a Michigan Democrat, calling it a boon to consumers and businesses of all sorts. But the bill had its share of critics. "What we're doing is creating debt," said GOP Sen. Judd Gregg. "The bill to pay for those cars is going to come due on our children and grandchildren."