Lawmakers lukewarm to gas tax halt: Here's what to know
Summary
CNBC's Emily Wilkins reports on the lack of congressional support for suspending the federal gas tax. Lawmakers cite concerns about infrastructure funding and prefer other methods to lower gas prices. The proposal faces bipartisan skepticism and requires congressional approval.
- President Trump proposed suspending the federal gas tax to reduce inflation-driven gas prices.
- Lawmakers from both parties are lukewarm due to concerns about funding for roads, highways, and bridges.
- A six-month suspension would cost the federal government approximately $21 billion.
- Some Republicans suggest ending the war and reopening the Strait of Hormuz as a better solution.
- Congress holds the power of the purse, and Trump must sell the plan to lawmakers.
- State-level gas tax suspensions are possible but unlikely as many legislatures are ending their sessions.
