The rumors of the “cash for clunkers” deal’s demise have been greatly exaggerated, the White House said today, promising that the trade-in program will continue even after consumers have used up its allotted $1 billion. “If you were planning on going to buy a car this weekend using this program, the program continues to run,” said spokesman Robert Gibbs.
Auto dealers said yesterday that they’d been told to stop offering customers rebates for their cars because the plan was swiftly running out of money. But Gibbs says the administration is confident it can hammer out an extension with Congress. Carl Levin, however, warned it's a limited-time offer. “We don’t know how long it’ll last,” said the Michigan Democrat. “People should go to their car dealers now.” (Read more Cash for Clunkers stories.)