A law recently passed by the U.S. House of Representatives would provide cash vouchers to consumers who trade in their old gas-guzzling cars and trucks that can go toward the purchase of a more fuel-efficient vehicle.
Representative Edward J. Markey, chairman of the House energy and environment subcommittee, said the "cash-for-clunkers" proposal is a "triple play" for the country's auto makers, consumers and the environment.
"Consumers can trade in their old gas-guzzlers for a new, more efficient vehicle, we can reduce our dangerous dependence on imported oil and help the struggling American auto industry get back on its feet," Markey said. "This deal is about saving American consumers money both at the pump and at the dealership."
People who trade in their old, gas-guzzling vehicles can receive vouchers worth up to $4,500 to help pay for new, more fuel efficient cars and trucks. The program will be authorized for up to one year and provide for approximately one million new car or truck purchases.
The agreement divides new cars and trucks into four categories with varying mileage rates in order to qualify for the vouchers.
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