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Reporting on the Obama administration’s ‘Cash for Clunkers’ car buying program running out of money, CBS correspondent Nancy Cordes offered a mixed message:
"‘Cash for Clunkers’ has been such a runaway success....The program is so popular...word spread it would be suspended...because of fears that sales would soon swallow up the $1 billion for rebates the government had set aside."
In her report, Cordes cited one new car salesman who happily remarked:
"People are loving it. It’s wonderful. It’s a great stimulus package."
However, she later concluded that the failing program let:
"a lot of car sales and cash hang in the balance. So the two big questions for lawmakers and the administration today. Number one, how could they have so vastly overestimated how long this money would last? And number two, where will they find the cash infusion to keep ‘Cash for Clunkers’ going?"
ABC’s Good Morning America provided the most comprehensive and critical report on the program. Unlike CBS and NBC, the ABC morning show highlighted major problems with the government website design to handle rebate requests. Consumer correspondent Elizabeth Leamy reported:
....The computer crashes have caused a backlog. As many as 25,000 transactions that dealers have made, but the government hasn't yet officially approved....Now, dealers are worried they'll be stuck holding the bag....Some dealers are actually now making people sign something, saying they will return their shiny, new car, if the government reneges on the deal...
[They can't manage a 1 billion dollar program. One Trillion $ Health Care anyone?]
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