House OKs $4 billion 'cash for clunkers'

WASHINGTON (CNNMoney.com) — The House on Tuesday waded deeper into the rescue of the troubled auto industry when it passed a $4 billion plan to subsidize new cars sales for consumers who scrap old ones.

By a vote of 298-119, the House approved the “cash for clunkers” program.

The measure would give consumers vouchers worth as much as $4,500 to turn in gas guzzlers and buy new cars that are more fuel efficient.

The legislation now goes to the Senate. President Obama has said he supports such a measure.

CNN