Business Maverick: Biden to Urge Gasoline Tax Pause as Prices Drag on Democrats

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 84%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

🤣🤣🤣🤣 The mighty USA taking a page out of the African fuel saga. How nice

l appreciate you so much for educating me on how to invest successful,l earn alot through the platform recommend,kindly contact Brian_Meadors0 and be part of the winning committee

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines