WASHINGTON -- The Obama administration says the popular "cash for clunkers" program will be suspended unless the Senate approves an additional $2 billion.
Transportation Secretary Ray LaHood said in an interview with C-SPAN on Sunday that he expects the current $1 billion in funding to be exhausted by the end of this weekend.
The administration hopes the Senate will add $2 billion to the government rebate program that gives consumers cash incentives to trade-in old gas guzzlers for more fuel-efficient vehicles.
LaHood says the administration will continue the program until the Senate acts on the proposal. He said dealers will be reimbursed for deals in the pipeline and that the government will make a "good-faith effort" for transactions beginning Monday.