Joe Biden to announce his support for quarterly gas tax cut

President Joe Biden delivered a scheduled speech Wednesday urging Congress to suspend federal gasoline and diesel taxes for three months.

The White House shared details of the president’s decision with reporters in a press release, calling it a “unique moment” in history.

“President Biden understands that the gas tax holiday alone will not reduce the sharp rise in spending,” the White House said in a press release.

But the President believes that at this strange moment when the war in Ukraine has wreaked havoc on American families, Congress must do everything possible to give working families a break.”

The federal government imposes a tax of 18 cents per gallon of gasoline and 24 cents per gallon of diesel.

The White House continues to blame Russia’s war on Ukraine for “Putin’s price hike” for record high fuel prices, even as prices continued to rise during the Biden administration.

A recent Rasmussen poll showed that only 11 percent of Americans believe Russian President Vladimir Putin is responsible for high fuel costs.

Biden’s statement of support for the gas tax holiday represents a final resolution in Congress that some Democrats believe is not a sustainable solution to high gas prices.

It is still unclear whether House Speaker Nancy Pelosi or Senate Majority Leader Chuck Schumer will act quickly to pass legislation on the issue before he leaves for the Independence Day holiday.

According to the White House, the president will also urge states to suspend the gas tax.

Economists are also skeptical.

Trump’s prediction that Biden’s gas price will reach $7 per gallon in 2020 proved correct this week. https://t.co/ApE1hn400p

– Breitbart News (@BreitbartNews) March 7, 2022

Jason Furman, a senior economics official in former President Barack Obama’s administration, expressed skepticism about the idea after Biden said he was considering it.

“Whatever you think about the merits of a gas tax cut in February, it’s the worst idea right now,” he wrote, noting that the cuts would be “industry-friendly” and would partially impact consumer gas prices.

“This is the common theory of falling prices in the economy – the government can’t decide who gets the tax cuts, it’s split between the two parties based on the response of supply and demand,” he wrote.