High gas prices: Bumpy road ahead for US President Joe Biden's gas tax suspension

Name: High gas prices: Bumpy road ahead for US President Joe Biden's gas tax suspension
Uploaded: 23 Jun 2022, 01:14:04 PM
Duration: 01:57
Channel: TIMESOFINDIA.COM

1 views | Jun 23, 2022, 01:14:04 PM | AP

Facing stubbornly high gas prices that average about $5 a gallon nationwide, President Joe Biden on Wednesday urged Congress to suspend federal gasoline and diesel taxes for three months. If savings from the 18.4 cents-a-gallon federal tax on gas are fully passed along to consumers, drivers would save about $2.76 for a 15-gallon fill-up. It's unclear, though, if Biden can push his proposal through Congress, where lawmakers, including some Democrats, are skeptical or even opposed to the idea. Many economists also are wary of a gas tax holiday. High gas prices pose a fundamental threat to Biden's political and policy ambitions. They've caused confidence in the economy to slump, contributed to record inflation and adds to the formidable challenges that Democrats face in keeping control of the House and the Senate in November.