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	<title>Auto Finance Blog &#187; congress</title>
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		<title>House passes &#8216;Cash for clunkers&#8217; bill</title>
		<link>http://blog.myautoloan.com/auto-news/auto-finance-industry-news/house-passes-cash-for-clunkers-bill/</link>
		<comments>http://blog.myautoloan.com/auto-news/auto-finance-industry-news/house-passes-cash-for-clunkers-bill/#comments</comments>
		<pubDate>Thu, 11 Jun 2009 13:11:01 +0000</pubDate>
		<dc:creator>Dale</dc:creator>
				<category><![CDATA[Auto Finance Industry News]]></category>
		<category><![CDATA[auto finance]]></category>
		<category><![CDATA[auto loan]]></category>
		<category><![CDATA[clunker automobile]]></category>
		<category><![CDATA[congress]]></category>

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		<description><![CDATA[Thursday, June 11, 2009  8:09am
The auto industry and lawmakers are pushing for quick Senate action on &#8220;cash for clunkers&#8221; legislation to boost auto sales, after the House overwhelmingly passed such a bill Tuesday. But it remains unclear when Senate supporters may overcome the objections of Senate appropriators and a group of senators who say the [...]]]></description>
			<content:encoded><![CDATA[<p style="margin: 3pt 0in" class="MsoNormal"><span style="font-size: 10pt; color: #262626; font-family: Arial"><em>Thursday, June 11, 2009  8:09am</em></span></p>
<p><span style="font-size: 10pt; color: #262626; font-family: Arial">The auto industry and lawmakers are pushing for quick Senate action on &#8220;cash for clunkers&#8221; legislation to boost auto sales, after the House overwhelmingly passed such a bill Tuesday. But it remains unclear when Senate supporters may overcome the objections of Senate appropriators and a group of senators who say the House proposal doesn&#8217;t do enough to improve fuel efficiency on the nation&#8217;s highways, as reported in the <a href="http://www.detnews.com/" title="Detroit News, Washington Bureau">Detroit News, Washington Bureau</a>.</span></p>
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<p><span style="font-size: 10pt; color: #262626; font-family: Arial">The House approved its version Tuesday, 298-199, with substantial Republican support despite the opposition of House leaders including Minority Leader John Boehner and whip Eric Cantor.<span>  </span>Opposition came from members of the Senate Appropriations Committee, which objected to funding provisions of the bill, and from senators who want tougher fuel economy requirements. Getting the <a href="http://www2.myautoloan.com/site/page/pg3792.html" title="auto loan">auto loan </a>financed is still no easy process as lenders continue to tighten credit and only approve the very highest credit scores. <o:p></o:p></span></p>
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<p><span style="font-size: 10pt; color: #262626; font-family: Arial">Sen. Diane Feinstein, D-Calif., introduced a competing proposal on Monday.<span>  </span>Stabenow said Tuesday she&#8217;s working with other senators to answer those concerns. One possibility is an idea House leaders are pursuing to attach an appropriation for the program to a wartime spending bill.<span>  </span>At some point the lack of <a href="http://www2.myautoloan.com/site/page/pg4665-as78-pn_Auto_Loan_Finance.html" title="auto finance">auto finance</a> must be addressed.<o:p></o:p></span>  <span style="font-size: 10pt; color: #262626; font-family: Arial">The Alliance of Automobile Manufacturers, auto dealers and other groups also called for speedy Senate passage.<span>  </span>President Barack Obama has also encouraged Congress to pass legislation.<span>  </span>The bill approved Tuesday would offer vouchers worth $3,500 or $4,500 to new-car buyers, depending on the mileage of their new vehicle. To be eligible, consumers would have to turn in a vehicle rated at 18 mpg or less for one rated at 22 mpg or greater. Pickups and business trucks would have different criteria. <o:p></o:p></span></p>
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