On May 21, the House Energy and Commerce Committee formally adopted a White House / Congress compromise that includes a “Cash for Clunkers” amendment within the American Clean Energy and Security (ACES) Act. The amendment is designed to cut greenhouse-gas emissions while stimulating auto sales.

If ACES becomes law, the program will be authorized for up to one year and provide for approximately one million new car or truck purchases. ’Cash for Clunkers’ would offer vouchers worth $3,500-$4,500 to people who trade in old gas-guzzlers for new cars and trucks. Car buyers would receive a $3,500 cash voucher for trading in any vehicle that earns less than 19 mpg and purchasing one that gets at least 22 mpg. If the new car gets more than 10 mpg better than the old one, the cash voucher would rise to $4,500.