Consumers could receive rebates of up to $4,500 for turning in their gas-guzzling cars and trucks for more fuel-efficient vehicles under a House proposal.
President Barack Obama has urged Congress to approve consumer incentives for new car purchases as part of the government's efforts to reorganize General Motors and Chrysler through the bankruptcy courts.
The House proposal set for a floor vote today. It is aimed at stimulating car sales during a bleak period for the auto industry while increasing the nation's fleet of cars that get more miles to the gallon.
GM and Chrysler have received billions of dollars in government aid, but the entire auto industry has watched car sales plummet during the past year.
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