U.S. President Joe Biden on Wednesday will call on Congress to pass a three-month suspension of the federal gasoline tax to help combat record pump prices, according to a senior administration official.
The president will also call on states to temporarily suspend state fuel taxes, which are often higher than federal rates, the official said, and he will challenge major oil companies to come to a meeting with his energy secretary later this week with ideas on how to bring back idled refining capacity.
Lawmakers of both parties have expressed resistance to suspending the tax, with some Democrats, including House of Representatives Speaker Nancy Pelosi, worried that the move would have limited effect on prices and oil companies and retailers would pocket much of the savings. Biden will ask Congress to suspend the fuel tax through September, a move that will cost the Highway Trust Fund roughly $10 billion in forgone revenue, the official said. The White House believes it can make up the lost revenue from other areas of a budget that is seeing revenue grow and deficits shrink as the United States emerges from the COVID-19 pandemic.
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