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The Obama administration plans to cut off dealer funding for the cash-for-clunkers program on Monday night, Aug. 24, at 8 p.m., after finding that the $3 billion fund is nearing depletion, Transportation Secretary Ray LaHood said.
"This program has been a lifeline to the automobile industry," LaHood said in a statement Thursday.
The Transportation Department said Thursday that dealers had applied for $1.9 billion in rebates for voucher payments made to customers.
Government surveys have also sought to determine how large a stockpile of transactions remain unclaimed by dealers.