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New funding sought for U.S. “clunker” program

Reuters – The U.S. government’s $1 billion "cash for clunkers" auto sales incentive program reached its funding limit unexpectedly after an avalanche of business exhausted its funds, an Obama administration official said late Thursday.

Auto dealers began offering government-backed rebates in early July of up to $4,500 to consumers who traded-in their gas-guzzlers for more fuel-efficient vehicles.

But the Transportation Department will need additional cash after rebates for nearly 250,000 vehicles jammed the pipeline nationwide.

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