President Obama pushed the Senate yesterday, asking them to approve a measure that would pour another $2 billion into the Cash-for-Clunkers program.

The program gives drivers up to $4,500 in credit for trading in their old cars for new more fuel-efficient ones, and it has already blown through the $1 billion in government funding. Cash-for-Clunkers has led to the sale of around 250,000 new cars since it began on July 24th.

Carmakers recently reported their first sales increase in almost two years, since the current financial trouble began. The White House said the program comes with a long term pay-off for consumers too and claims the improvements in fuel efficiency of their new cars will save drivers up to $1,000 a year.

The program was meant to end today, but the Obama administration has extended it until Friday, as the Senate is expected to vote on the funding this week.

The House has already approved the $2 billion required to extend the program, and the measure is awaiting the vote in the Senate.

Some Republican senators oppose the funding, citing concerns about rushing measures through before the Congress goes on August break. Others oppose the program because it is helping auto dealers while forgetting about thousands of struggling small businesses.

What do you think? Is Cash-for-Clunkers the right move to help the auto industry and car consumers and stimulate the economy? Or is it a waste of much-needed money that could be better spent in other industries on for health care? Let us know, comment below!

Lucky for you, you don't have to trade in a clunker to help the environment and become more energy efficient!