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Hey king eddie how about some good news on your buddy Obama?
(Washington, DC) -- The so-called "Cash for Clunkers" program may hit a roadblock in Congress before it goes very far. The idea behind the plan is to pay motorists a federal incentive to trade in their old, less efficient vehicles for new fuel-efficient ones. The legislation calls for incentive payments as much as five-thousand dollars. However, the measure first must be approved by the House Ways & Means Committee, where tax law is written. Its chairman, Charles Rangel of New York, tells "The Wall Street Journal" that he is "sick and tired" of new tax credit schemes at a time when Congress and the administration want to enact meaningful tax reform.
Nonetheless, "Cash for Clunkers" has strong backing both in and out of Congress. House Speaker Nancy Pelosi supports it and the Senate bill has the bipartisan sponsorship of Democrat Dianne Feinstein and Republican Susan Collins. President Obama supports the idea and the measure has won the endorsement of the United Auto Workers union, as well as most automakers.