'Cash for clunkers' kicks in gear

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Program originally pitched to help the environment is getting new life as the White House and automakers see its potential to boost sales.

WASHINGTON (CNNMoney.com) — A congressional effort to subsidize new cars sales for consumers who scrap old ones is gaining momentum, as leaders seek to help the struggling auto industry.

So-called cash-for-clunkers legislation introduced in January aimed to encourage the purchase of more fuel efficient cars. Consumers with old, gas guzzlers could get $1,500 to $5,000 vouchers funded by the government to use toward the purchase of new cars.

The goal: reduce greenhouse gas emissions and fuel car sales. How far the legislation should go to accomplish those often competing goals has become a bone of contention on Capitol Hill.

The bills didn’t move very far until President Obama weighed in with his support a few weeks ago. Now negotiators are working this week on the details of a cash for clunkers program that would be added to an over-arching clean energy bill.

CNN