Washington -- The Obama administration said the "cash for clunkers" program has been an enormous success, boosting domestic automakers as momentum gains to persuade the Senate to approve $2 billion in additional funding.
Detroit's automakers accounted for 47 percent of the first 80,000 "cash for clunkers" sales, with the Ford Focus ranking as the top-selling vehicle, the administration said.
Through Saturday afternoon, the National Highway Traffic Safety Administration had processed 80,500 transactions. And White House spokesman Robert Gibbs said buyers should be able to take advantage of the program until at least Friday. By late Monday, NHTSA had processed more than 120,000 vehicle vouchers.
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The program, which offers car buyers up to $4,500 to trade in their old cars and light trucks for new, more fuel-efficient models, went into effect July 24.
Gibbs warned that the program would likely end by Friday if the Senate doesn't agree to add $2 billion to the original $1 billion pot.
The prospect of the program extension winning Senate approval got a big boost Monday when Sens. Dianne Feinstein, D-Calif., and Susan Collins, R-Maine, dropped their opposition and said they would vote to support the additional money. They and others had wanted the program to be reworked to require higher improvements in fuel efficiency, especially among light trucks.
Auto dealers across the country have launched a big lobbying campaign to save the program.
NHTSA said about 250,000 vehicles will be traded in the $1 billion program.
"This is the one stimulus program that seems to be working better than just about any other program. It's a lifeline for automobile workers and automobile makers," U.S. Transportation Secretary Ray LaHood told CNBC.
Big Three score big
The 47 percent of the first 80,000 sales for the Big Three is above their overall share of the market -- 45 percent.
The Ford Focus is not the only domestic winner. Four of the top-10-selling vehicles are manufactured by General Motors Co., Ford Motor Co. or Chrysler Group LLC.
Of non-Big Three purchases, the Transportation Department's preliminary analysis suggests that more than half were manufactured in the United States.
So far, 83 percent of the trade-ins have been light trucks -- SUVs and pickup trucks -- and 60 percent of new vehicle purchases are cars.
In addition, the transactions are generating a 61 percent increase in vehicle fuel economy, Gibbs said. The average fuel economy of new vehicles purchased under the program is 25.4 miles per gallon, and the average fuel economy of trade-ins is 15.8 mpg -- for an average increase of 9.6 mpg.
This is well above the law's minimum requirements of a 2 mpg improvement for trucks and a 4 mpg improvement for cars. Gibbs said the better fuel efficiency will save an average driver $700 to $1,000 a year in gas.
In addition to saving gas money, participating consumers will have safer cars and fewer repair costs, and air pollution will be dramatically reduced, officials said.
Senate considering bill
An additional $2 billion, if approved by Congress, should allow the program to continue through September. The House has approved a funding measure; the bill is now before the Senate.
Supporters and the White House will use the numbers and the job-creating impact of "cash for clunkers" to ease environmental concerns of many Senate Democrats, who argue the efficiency requirements should be tightened.
The Senate is expected to vote Wednesday or Thursday; the White House is pressing it to act.
Senate Democrats still face hurdles to win passage before recessing at the end of the week until after Labor Day. Jim Manly, spokesman for Senate Majority Leader Harry Reid, D-Nev., said Democrats were negotiating with Republicans to reach a deal to allow for a quick vote.
Senate Minority Leader Mitch McConnell, R-Ky., said the administration didn't properly manage the program -- but he didn't say how he would vote on an extension.
"We were told this program would last for several months," McConnell said.
"As it turned out, it ran out of money in a week, prompting the House to rush a $2 billion extension before anybody even had time to figure out what happened with the first billion."
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