| As of Tuesday, August 25th: |
Since the start of the quarter, the Q2 growth rate has risen from -31.1% to -27.4%. (Data provided by Thomson Reuters)
LATEST EARNINGS RESULTS
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The Obama administration and Capitol Hill sources told NBC News that efforts are underway to protect the auto sales incentive program, also known as "Cash for Clunkers."
Although key members of Congress were notified by the Secretary of Transportation Thursday that the program would run out of money at midnight, sources said "Administration and Congressional officials are working to keep it up and running."
The program has exhausted its authorized funding of nearly $1 billion in less than a week but officials say "it is not suspended."
The program, which had been expected to run through Sept. 30, was designed to spur U.S. auto sales through consumer incentives.
"Cash for clunkers" authorized up to $4,500 in rebates for car buyers who traded in their gas guzzlers for more fuel-efficient vehicles.
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The government launched the program on July 24 and said late on Thursday that sales and pending sales had neared the limit of 250,000 vehicles.
Congress approved the initiative mainly to help General Motors [GM
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], Chrysler Group and Ford Motor [F
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] pull out of a severe industry sales slump that has worsened amid the U.S. economic recession.
The weak sales environment contributed to bankruptcies at GM and Chrysler this spring.
The trade-in program was also open to consumers who wished to purchase imported vehicles, mainly passenger cars from Asian and European automakers. Domestic manufacturers tend to sell more sport utility vehicles and pickup trucks.
* Wires contributed to this report
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Data is a real-time snapshot *Data is delayed at least 15 minutes