'Cash for clunkers' burns through a cool $1 billion in a week

Boy, that was fast. The U.S. government's "cash for clunkers" program, launched last week, has already burned through nearly $1 billion.

Even though the funds to be used as rebates for new car purchases have already been spent, government officials are reportedly working to keep the popular program alive. Sources deny reports surfacing late Thursday that said the program was suspended and note that officials "are working to keep it up and running."

USA Today and other news outlets reported that the government suspended the program, which was originally intended to last through October. According to Politico, the Obama Administration told Congress that the program was going broke and in danger of blowing through its full $1 billion in program funding in a single week.