"Cash for Clunkers" Set To Get Fresh $$$$

With the "Cash for Clunkers" plan running short on dough, due to its initial success, the Obama administration and Congress are looking to boost the program by $2 billion. The original plan was $1 billion, but it is exhausted after just one week.

The expanded plan has just passed the U.S. House and will now go before the Senate next week.

The "Cash for Clunkers" program gives consumers vouchers for as much as $4,500 to trade in their gas guzzling cars and trucks for new, more fuel-efficient models.

This morning on CNBC, Mike Jackson, the CEO of the nation's largest auto dealer AutoNation (NYSE: AN), described the plan as a huge success. He also said that surprisingly the plan is bringing in high-quality buyers with above average credit scores. Jackson said this is how stimulus plans should be created ---hint, hint on getting housing to turn

The success and expansion of the plan is helping a number of auto-related companies and suppliers.

• Ford (NYSE: F) +6%
  
• ArvinMeritor Inc. (NYSE: ARM) +19%
  
• Dana Holding (NYSE: DAN) +12%
  
• SIRIUS XM Radio Inc. (Nasdaq: SIRI) +5%
  
• Tenneco Inc. (NYSE: TEN) +16%

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