The U.S. Senate is expected to vote on Thursday for an extension of $2 billion for the Cash for Clunkers program that is quickly consuming its first $1 billion investment sooner than expected.

Senate Majority Harry Reid told reporters a vote would pass Cash for Clunkers before Senators leave for their August break, according to CNN. A vote on the program was scheduled on the Senate's website for Thursday.

If the Senate agrees on the extension, President Barack Obama would later sign the extension into law, and the money would become available right away to keep the program going through Labor Day, CNN reports.

When the program launched on July 24 it was expected to last until Nov. 1 but greater than anticipated participation have used already $775.2 million from the $1 billion as of Wednesday, the Department of Transportation said.

Without the Senate's approval this week, the program will have to be suspended, White House spokesman Robert Gibbs said earlier this week.

The Cash for Clunkers program gives a rebate of up to $4,500 to people who turn in low-efficient vehicles to buy a new car with better fuel efficiency. It is aimed at boosting auto sales in the U.S. and improving fuel efficiency in cars circulating in the country.