US Scrappage Scheme Overwhelmed
American Car buyers have exhausted the $1bn cash reserve for the "cash for clunkers" scrappage programme after one week.
Car dealers ine the United States across the country have been overwhelmed as US consumers sign up for the scheme. 16,000 car dealers are participating in the scheme which provides buyers with up to $4,500 off the price of a new "greener" car.
It is estimated that over 240,000 cars have been purchased leaving the US Government to decide whether to stop the scheme, or make more funds availbale.
White House spokesman Robert Gibbs said the administration was evaluating all options to keep the programme going. "We are working tonight to assess the situation facing what is obviously an incredibly popular programme", said Gibbs.
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