Congress has now set aside $3 billion for the Car Allowance Rebate System, or CARS, better known as "cash for clunkers," including a $2 billion allocation President Obama signed into law on Aug. 7. The program, which has proved popular among consumers, gives car owners rebates of up to $4,500 for trading in an older gas-guzzler for a more fuel-efficient vehicle. BusinessWeek Senior Writer John Carey discusses the impact of the legislation and whether it could lower demand for gasoline.
Plus, the economy loses fewer jobs than anticipated, the rivalry between Apple and Google heats up, and our look at the economic week ahead.
To go straight to our feature on cash for clunkers, click here.
To go straight to our look at the economic week ahead, click here.