Cash for Clunkers could give you $5,000 toward a new car

Now that President Obama has come down as a supporter of a "Cash for Clunkers" program, lawmakers are getting in gear to move the legislation through the house and the senate. Right now there are two Cash for Clunkers proposals out there, S.247, sponsored by Diane Feinstein back in January, and H.R. 1550, known as CARS, which was introduced to the Senate by Betty Sutton in March. While there are some differences in what cars would be eligible; both bills will allow the government to give you up to $5,000 toward the purchase of a new car if you turn over your old car to be scrapped.