The Cash for Clunkers Bill which in effect rewards car buyers for trading in old inefficient vehicles towards new more efficient vehicles has finally passed in the U.S. House of Representatives.

Information about the bill, which we have covered several times previously, can be found here House Bill Cash For Clunkers Meets Resistance From Senate and here Cash For Guzzlers Agreement Reached.

The vote took place yesterday afternoon and met little resistance as it passed with a vote of 298 for and only 119 against.  Though the bill which was discussed by the House for more than a month has passed, it still must be approved by the Senate to become a law.

The Senate, which has introduced its own version of the bill which they believe will reduce our dependency on foreign oil more than the House version does, will likely reject the bill in favor of their own.

If the bill is not approved by the Senate, they will both have to go back to the drawing board until they can come up with a plan the meets the requirements of both the House and the Senate.

Final approval of any bill could still be a long ways off.

Source:  USA Today