Republicans mull federal gas tax holiday with price tag of billions
The proposal would save drivers about 10 to 16 cents per gallon, but analysts say it could add billions in costs and drain highway funding.
- On Thursday, U.S. Rep. Russell Fry introduced the EASE Act to suspend the federal gas tax for up to 120 days as gasoline prices reached $4.36 per gallon.
- The Committee for a Responsible Budget estimates a three-month suspension would cost $7 billion and could hasten the Highway Trust Fund's insolvency by up to 17 months.
- Senate Republicans remain divided over relief strategies; Iowa Senator Chuck Grassley proposed a 90-day diesel export ban, while South Dakota Senator Mike Rounds advocated for E15 ethanol blends.
- Despite signing an executive order Monday waiving fees for dyed diesel fuel, President Donald Trump remains noncommittal on a broader tax holiday.
- Inflation has increased by more than 110% since 1993, causing Highway Trust Fund reserves to dwindle as the 18.4-cent-per-gallon tax fails to keep pace with infrastructure needs.
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