The Obama administration plans to end the $3 billion Car Allowance Rebate System, otherwise known as the Cash for Clunkers program, on Monday, Aug. 24, at 7 p.m. CDT, according to The Associated Press.
Two congressional officials familiar with the plan say the U.S. Department of Transportation will wind down the program that offers car buyers rebates of $3,500 or $4,500 for trading in older vehicles for new, more fuel-efficient models, the AP reported.
The officials spoke on condition of anonymity because they were not authorized to speak publicly about the plan, the AP said.
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