‘Cash for clunkers’ coming soon

Full Story At money.cnn.com

WASHINGTON (CNNMoney.com) — A $1 billion Washington program to give vouchers to consumers who replace junky cars with fuel-efficient models is likely to ramp up very soon.

Congress passed the “cash for clunkers” measure late Thursday night as part of the $106 billion war spending bill. President Barack Obama plans to sign the bill into law.

“We are gratified that the Congress delivered on this administration priority, and President Obama looks forward to signing it into law,” according to an administration statement.

Vehicles purchased after July 1 will be eligible for the refund vouchers worth as much as $4,500 to turn in gas guzzlers and buy new cars that are more fuel efficient.