WATCH LIVE: President Biden calls for 3-month halt to federal gas tax
President Joe Biden urged Congress to suspend the federal gas tax to provide some relief to the high prices at filling stations.
The White House estimates that eliminating the gas tax would cause revenue for the Highway Trust Fund to drop by $10 billion. The Biden administration said due to a $1.6 trillion drop in the deficit, the government can afford to suspend the gas tax while using other revenues to make the Highway Trust Fund whole.
While AAA reported that gas prices dropped below $5 per gallon on Saturday, the current rate of $4.95 a gallon remains $1.89 more than a year ago.
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