President Biden is calling on Congress to suspend federal gas and diesel taxes for 3 months. What do you think of the president's proposed 3-month 'holiday' from the federal gas tax? Let us know and we may feature your response in our 7 p.m. newscast.
It was not immediately clear if the White House has the votes in Congress to suspend the federal tax.
Biden has acknowledged how gas prices have been a drain on public enthusiasm when he is trying to convince people that the U.S. can still pivot to a clean-energy future. In an interview with The Associated Press last week, Biden described a country already nursing some psychological scars from the coronavirus pandemic that is now worried about how to afford gas, food and other essentials.
Mark Zandi, chief economist at Moody's Analytics, estimated that the majority of the 8.6% inflation seen over the past 12 months in the U.S. comes from higher commodity prices due to Russia's invasion and continued disruptions from the coronavirus. Rep. Peter DeFazio, D-Ore., chairman of the House Transportation and Infrastructure Committee, said late Tuesday that he is urging colleagues to see the gas tax holiday “for what it is: a short-sighted proposal that relies on the cooperation of oil companies to pass on miniscule savings to consumers."
One Democratic aide, who insisted on anonymity to frankly discuss the situation Wednesday, said it appears unlikely the proposal could pass the House without first clearing the evenly split Senate.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden Calls On Congress To Approve 3-Month Federal Gas Tax HolidayHere's what President Biden is calling on Congress to do to help ease the burden of high gas prices:
Read more »
President Biden to Propose 3-Month Suspension of Federal Gas TaxWhen the tax is just $0.18 per gallon, how much will consumers really notice? And what's to stop oil companies from raising prices again?
Read more »
President Biden to call for 3-month suspension of gas and diesel taxesAt issue is the 18.4 cents-a-gallon federal tax on gas & the 24.4 cents-a-gallon federal tax on diesel fuel. If the gas savings were fully passed along to consumers, people would save roughly 3.6% at the pump. U.S. gas prices now average about $5 a gallon.
Read more »
President Biden calls for 3-month federal gas tax holidayJUST IN: President Biden will call on Congress to suspend the federal gas tax for three months and ask states to suspend their own gas taxes or provide commensurate relief to consumers.
Read more »
President Biden to urge 3-month halt to federal gas taxA federal gas tax holiday could also spur a number of states to relax their taxes. Biden is expected to make the announcement Wednesday afternoon.
Read more »
Biden to ask Congress to suspend gas tax for three monthsPresident Biden will ask Congress to suspend the federal gas tax through September, a move that could shave off 18 cents per gallon to help consumers battling record prices at the pump, officials said.
Read more »