After passing in the House, the stage is now set for a Senate vote to pass the “Cash for Clunkers” bill that would offer up to $4,500 to trade in a used vehicle for a new one. Although the idea sounds good on paper, we’ve outlined a number of problems with the bill: Consumers typically replace clunkers with slightly newer clunkers or used cars, the program would distort the used car market by reducing the supply of used cars at a time when demand has been increasing, the voucher exceeds …
Families and businesses have budgets, yet Washington doesn’t — and it hasn’t for the last three years. Senate Majority Leader Harry Reid (D-NV) doesn’t think this major omission is that big of a deal, and the White House has no opinion on the matter. Fortunately, there are leaders in the House who see the importance of passing a budget and getting runaway spending and escalating debt under control. For Congress, the budget is an outline of how and where money will be spent across the federal government and how high …
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