Hey, a government program which is looking at cost overruns. What are the odd of that?

‘Cash for Clunkers’ Program Blasts Through Funds

DETROIT — The head of the National Auto Dealers Association said on Thursday that he believes most of the $1 billion set aside for “cash for clunkers” incentives has already been used up, due to the surge in new-car sales in the first days of the program.

“We feel that we’re much closer to exhausting that $1 billion than anyone thought,” NADA President John McEleny said in a telephone interview. “We’re not telling dealers what we should or shouldn’t do but that we think the billion might be close to exhausted if not exhausted already.”

Mr. McEleney said his conclusion is based on the results of an informal email poll of NADA members asking how many clunker deals they have already submitted to the National Highway Traffic Safety Administration, and how many others they have that are still to be processed.

Mr. McEleney added he personally will at least temporarily stop accepting clunker deals on Friday at the dealerships he owns until he is sure the clunkers program has enough money to pay for the incentives.