President Joe Biden will ask Congress to suspend the federal gasoline tax for three months, after his administration’s previous efforts failed to curb soaring pump prices that weigh heavily on his party’s political fortunes.
Biden will call for a pause in tax collections through September in a speech scheduled for 2 p.m. Wednesday in Washington, senior administration officials said. The national average gasoline price hit a record this month above $5 a gallon, even after Biden ordered a historic release from US reserves earlier this year.
As part of any suspension, Biden wants to reallocate other federal funding to make up the estimated $10 billion hit to the Highway Trust Fund, which is supported primarily by gas taxes, according to the officials. They asked not to be identified as a condition of participation in a briefing. But pausing gasoline tax collections isn’t likely to be the answer. Congressional Republicans, who control 50 seats in the Senate, are making Biden’s economic policy and his failure to curb gasoline prices and broader inflation the centerpiece of their midterm campaign. And some Democrats oppose waiving the tax out of concern the policy would undermine highway maintenance.and others have questioned whether a pause would result in lower prices for consumers at the gas pump.
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