'Cash for clunkers' bill passes Senate; car dealers cheer


Car dealers, unions, trade groups and automakers got their wish Thursday as the "cash for clunkers" bill passed the Senate and headed for President Obama's desk. Since Obama pushed for the bill as a way to stimulate car sales, he's expected to quickly sign it. The bill has a $1 billion price tag.

After the bill is signed, the National Highway Traffic Safety Administration will finalize the rules in 30 days and then consumers may be eligible for a voucher worth up to $4,500 to be spent on a new car. The amount of the voucher will depend on the fuel efficiency of the new car and the increased efficiency compared to the old one.