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President Biden Delivering Remarks In Support Of Gas Tax Holiday

WHITE HOUSE
Political Market NewsPolitical RiskPolitical Risk BulletBulletMarketsFixed IncomeForeign Exchange

US President Joe Biden is delivering remarks from the White House urging the United States Congress to pass a bill delivering a three-month gas tax holiday.

  • Biden's remarks can be followed here: https://www.youtube.com/watch?v=H3Y7VCAmmlI&featur...
  • A White House factsheet reads: “Today, [Biden] is calling on Congress... to provide direct relief to American consumers who have been hit with Putin’s Price Hike. Specifically, he is calling on Congress to suspend the federal gas tax for three months…”
  • The measure has received a lukewarm reaction from Democrats in Congress suggesting that the legislation will face an uphill battle to get to Biden's desk- Politico calls it "doomed".
  • House Majority Leader Steny Hoyer (D-MD) said yesterday “I have not been a proponent of the gas tax holiday. There’s no guarantee that the sellers, either wholesale or retail, will reduce their prices...” He has since said today that he will take a look at the proposal if the president calls for it.
  • House Speaker Nancy Pelosi (D-CA) has called the proposal “very showbiz” and warned that savings may not be passed onto consumers.
  • Senator Bernie Sanders said in March: "Barack Obama was right. A gas tax holiday was a bad idea in 2008 and it's a bad idea today."
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US President Joe Biden is delivering remarks from the White House urging the United States Congress to pass a bill delivering a three-month gas tax holiday.

  • Biden's remarks can be followed here: https://www.youtube.com/watch?v=H3Y7VCAmmlI&featur...
  • A White House factsheet reads: “Today, [Biden] is calling on Congress... to provide direct relief to American consumers who have been hit with Putin’s Price Hike. Specifically, he is calling on Congress to suspend the federal gas tax for three months…”
  • The measure has received a lukewarm reaction from Democrats in Congress suggesting that the legislation will face an uphill battle to get to Biden's desk- Politico calls it "doomed".
  • House Majority Leader Steny Hoyer (D-MD) said yesterday “I have not been a proponent of the gas tax holiday. There’s no guarantee that the sellers, either wholesale or retail, will reduce their prices...” He has since said today that he will take a look at the proposal if the president calls for it.
  • House Speaker Nancy Pelosi (D-CA) has called the proposal “very showbiz” and warned that savings may not be passed onto consumers.
  • Senator Bernie Sanders said in March: "Barack Obama was right. A gas tax holiday was a bad idea in 2008 and it's a bad idea today."