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“There are some reports tonight that the government’s Cash for Clunkers program is already out of gas.” (KPIX)

“A program meant to jump start America’s car industry is now on the verge breaking down.” (FOX News)

“It appears the Cash for Clunkers program could be kaput.” (WCBS)

No matter how you say it, one thing is clear: the government’s economic stimulus program, Cash for Clunkers, has run out of funding. The program offers up to $4,500 to customers who trade in their old gas-guzzlers for more fuel-efficient models. It was expected to last four months.

But in less than a week, dealerships have given out almost all of the 1 billion dollars in rebates.

News of this led to confusion, with some in the media reporting the Department of Transportation could suspend the program immediately.  

But the White House quickly responded, promising the program would continue until further notice.

We’re taking a look at the media’s mixed reactions to the Cash for Clunkers burnout and what could lie in the aftermath.

We begin with Republican Representative Candice Miller, who heralds the success of the program to CBS News.

“This is simply the most stimulative $1 billion the federal government has spent during the entire economic downturn.” (CBS News)

However, FOX News anchors Bill Hemmer and Megyn Kelly scoff at the notion the program was a success.

“Successful? Had a great 4 day run, hope you got in while the getting was good”
“They sold 250,000 cars in about 4 days, I mean that’s a massive amount.”
“Oh, too bad, they can’t pay what they said they were going to. Sorry.”
“Why didn’t they think about this last fall before they got all the bailout billions, riddle me that.”

Radio host Jason Lewis answers just that question, when asked on CNBC if this should have been the government’s bailout plan all along.

“No. All we’re doing is replacing one bail out with another. Probably the 3rd, 4th, 5th bailout for the auto industry. We’re doing for the automobile sector what we did for housing. An artificial stimulus, an artificial boom, as you just heard, they’re going to vamp up production, and guess what happens when the money runs out? And it’s running out very fast. You’re going to have a recession.”

Congress is seeking to approve $2 billion more in funds for the Cash for Clunkers program. Reactions to this are mixed as well.

In his article in TIME, David Von Drehle urges the government to scrounge up the money.

“As the management guru Peter Drucker once counseled: ‘Results are gained by exploiting opportunities, not by solving problems.’ If something is working, stick with it, Washington. After all, we've tried everything else.”

But Republican Representative Jeb Hensarling thinks the government should end their handout reputation all together.

"Cash for Clunkers is another example of the government picking winners and losers and enshrines us as a bailout nation…. Pilgrim's Pride, one of the largest poultry producers in the country, recently had to file for bankruptcy. Where's their 'Cash for Cluckers' program?” (MSNBC)

Do you think the Cash for Clunkers program is helping boost our economy? And is it worth investing more money into?