The Senate is scurrying to pass its own version of Cash for Clunkers-type legislation after a push from President Barack Obama. Currently, there are two bills vying for passage. The first, called the Feinstein-Collins-Schumer Counter Proposal, is a response to the bill the House of Representatives passed in May, and includes tougher mileage requirements geared toward lowering green house emissions and decreasing the country’s crude-oil consumption. The second bill, called the Stabenow “Drive America Forward Act”/ House Compromise “Cash for Clunkers” Agreement is just what it sounds like – a compromise between the House bill and the Senate’s version.
In an effort to fast-track their own bill, some Senators are looking to attach the Feinstein-Collins-Schumer Counter Proposal to a well-supported anti-tobacco bill. That would make it that much easier for the legislation to garner the 60 votes it will need to be approved in the Senate and not die out all together. Meanwhile, the House Compromise bill is set to stand on its own. If it gets the votes it needs to be passed in the Senate, it will then go back to the House for approval.
Most analysts believe that if either bill manages to make it through the Senate successfully, we should see some sort of Cash for Clunkers or Cash for Guzzlers law come out of Congress by the end of the year. That’s good news for carmakers and buyers alike. [Source: TheBusinessInsider]
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