The Obama Administration's CARS Bill (Car Allowance Rebate System) has proven to be a great success with over 457,000 motor cars being sold as a direct result of this stimulus program.
President Barack Obama said that the program has been "successful beyond anybody's imagination"
Transportation Secretary Ray LaHood said the program has been "a lifeline to the automobile industry, jump starting a major sector of the economy and putting people back to work." He said the department was "working toward an orderly wind down of this very popular program."
GM announced plans to rehire more than 1,300 workers and automakers have been paying overtime to boost production.
The program will officially end at 8pm ET on Monday August 24th 2009.
Senate Democrats narrowly defeated a Republican effort to kill the plan in July. The Republican effort was lead by Senator John McCain who said: "I not only wouldn't vote for the extra two billion, I was opposed to the initial billion."
Sen. Jim DeMint (R-S.C.) is on record stating: "I just think this is a great example of the stupidity that's coming out of Washington right now, and I think Americans realize the numbers that we're throwing around don't work."
It appears that many Republicans were on the wrong side of history reagrding this matter .... Let's see how they spin this!