No Result
View All Result
  • Login
Monday, August 3, 2026
theadvisertimes.com
  • Home
  • Business
  • Financial Planning
  • Personal Finance
  • Investing
  • Money
  • Economy
  • Markets
  • Stocks
  • Trading
  • Home
  • Business
  • Financial Planning
  • Personal Finance
  • Investing
  • Money
  • Economy
  • Markets
  • Stocks
  • Trading
No Result
View All Result
theadvisertimes.com
No Result
View All Result
Home Markets

Trump Wants a Gas-Tax Holiday. Will Congress Get on Board?

by theadvisertimes.com
3 months ago
in Markets
Reading Time: 3 mins read
A A
0
Trump Wants a Gas-Tax Holiday. Will Congress Get on Board?
Share on FacebookShare on TwitterShare on LInkedIn


WASHINGTON – With no end in sight to skyrocketing fuel prices caused by the Iran War, Congress is considering an intervention.

Democrats on Capitol Hill have been clamoring for months for a temporary federal gas tax holiday. Though they introduced legislation to institute one in March, the idea wasn’t meaningfully gaining steam – until President Donald Trump abruptly came out in support of it.

“Yeah, I’m going to reduce,” he said during a May 11 Oval Office event, adding that he wants to suspend the 18.4-cent-per-gallon gasoline tax until an “appropriate” time.

While there’s no clear timeline yet for the potential pause – which still faces considerable hurdles in the Capitol – it could amount to arguably the most meaningful legislative intervention since the war began to ease the pain at the pump facing Americans nationwide.

The proposal highlights a bipartisan hunger to attempt to bring costs down for voters in a midterm election year. And it shows just how concerned Democrats – and even many Republicans – are about the Middle Eastern conflict’s still-evolving domestic consequences.

Congressional Reaction

“We should pull every lever that we can,” said Sen. Josh Hawley, R-Missouri. “We should vote on it ASAP.”

Hawley introduced a bill this week to pause both the gas tax and 24.4-cent diesel tax for 90 days. At least one other congressional Republican, Rep. Anna Paulina Luna of Florida, has also said she’ll propose similar legislation in the House of Representatives. Rep. Chris Pappas, a New Hampshire Democrat who first floated the pause earlier this year along with his Senate counterparts, said on X, “This should have happened months ago.”

Whether the measures actually gain steam, however, will depend largely on GOP leadership in Congress. Both House Speaker Mike Johnson and Senate Majority Leader John Thune have been cool to the idea: Each has admitted their preferred solution to bringing down fuel costs would instead be to ease tensions in the Strait of Hormuz, a waterway in the Middle East responsible for much of the global oil supply.

Still, Thune said his members would “take a look” at the president’s request and “hear him out.” He cautioned the gas tax goes to an important source: the Highway Trust Fund, which supports highway construction and transit projects across the country.

“I’ve not in the past been a huge fan of previous attempts,” he said on May 12, noting that “circumstances have changed” amid the war. “It’s a conversation I think we’re willing to have.”

In the wake of Trump’s blessing, a bipartisan coalition could override leadership concerns. Alarmed at the roughly $4.50-per-gallon current gas cost, congressional Democrats already seem poised to join with Republicans who support a tax-holiday measure, though some have been frustrated by Trump’s delay in coming around to the concept.

Talking to reporters in the halls of the Capitol, Sen. Tim Kaine, the lawmaker who’s largely been the face of Senate Democrats’ opposition to the war, said he had a “better idea” to save Americans money on fuel.

“End this stupid war,” he said.

Trump Also Backs Housing Affordability Bill

A gas-tax pause wasn’t Trump’s only suggestion in recent days related to cutting Americans’ costs. He also came out in support of a widely bipartisan housing reform bill that’s been languishing in the House of Representatives after the Senate passed it two months ago. The legislation would cut red tape while mostly banning large institutional investors from competing with traditional buyers for existing single-family homes.

The new affordability push has arrived just six months out from the midterms, the outcome of which will determine whether Trump will keep a friendly Congress come 2027. Republicans, who’ve pulled ahead in the redistricting wars due to favorable court decisions, have an increasingly better shot at holding onto control of the Capitol, which would allow Trump to pass more significant legislation on his way out the door.

Historic trends still aren’t in the GOP’s favor, though. The party’s biggest issues continue to be two-fold: Trump’s plunging poll numbers and widespread cost-of-living concerns. Some Republicans, including West Virginia Sen. Jim Justice, have long been sounding the alarm about the latter.

When Democrats overperformed in a special election last December in Tennessee, Justice was one of the GOP lawmakers calling on his party to take notice. This week, he said he’d support a gas-tax holiday – but he indicated it, on its own, may not be drastic enough to make a meaningful difference in many Americans’ lives.

“In some ways, it’s like taking an aspirin for cancer,” he said.

Zachary Schermele is a congressional reporter for USA TODAY. You can reach him by email at [email protected]. Follow him on X at @ZachSchermele and Bluesky at @zachschermele.bsky.social.



Source link

Tags: boardcongressGasTaxholidayTrump
ShareTweetShare
Previous Post

Men’s Wellness Needs a Hormone Reset

Next Post

Client acquisition cost is tough to track. RIAs should try

Related Posts

Spokane Is On Fire! Hundreds Of Homes Have Burned Down As Massive Wildfires Rage All Over The Western U.S.

Spokane Is On Fire! Hundreds Of Homes Have Burned Down As Massive Wildfires Rage All Over The Western U.S.

by theadvisertimes.com
August 2, 2026
0

by MichaelThe map above is so crazy that I don’t even have the words to adequately describe it. It is...

Top analysts are bullish on these dividend stocks for passive income

Top analysts are bullish on these dividend stocks for passive income

by theadvisertimes.com
August 2, 2026
0

The uncertainty in the Middle East and concerns about the durability of the artificial intelligence boom and high spending continue...

Why You Should Pay Attention to Excessive Sweating

Why You Should Pay Attention to Excessive Sweating

by theadvisertimes.com
August 2, 2026
0

Sweating is normal. But for some people, sweating too much becomes downright obtrusive, stressful and even embarrassing. Beyond the inconvenience...

Real wages dropped 0.4% and 30 year yields hit the highest since 2007 while parents face 0 back to school bills

Real wages dropped 0.4% and 30 year yields hit the highest since 2007 while parents face $900 back to school bills

by theadvisertimes.com
August 1, 2026
0

Private sector labor costs rose 0.9 percent in second quarter 2026.Slightly higher than the 0.8 percent Wall Street expected.Yearly wage...

Egypt is carving a man-made river across the desert to grow food where nothing grew before

Egypt is carving a man-made river across the desert to grow food where nothing grew before

by theadvisertimes.com
August 1, 2026
0

Project officially opened by President Sisi in May 2026 during the wheat harvest on the new land.Goal is to turn...

Goldman traders are on pace for a record year. A close-up look at how they’re doing it

Goldman traders are on pace for a record year. A close-up look at how they’re doing it

by theadvisertimes.com
August 1, 2026
0

Goldman Sachs ' dealmaking prowess may grab all the glory, but the biggest driver of growth last quarter came from...

Next Post
Client acquisition cost is tough to track. RIAs should try

Client acquisition cost is tough to track. RIAs should try

7 Nasdaq Stocks That Could Offer Huge Upside Beyond Mega-Cap Names

7 Nasdaq Stocks That Could Offer Huge Upside Beyond Mega-Cap Names

  • Trending
  • Comments
  • Latest
SEC pushes private market access, but retail is already in

SEC pushes private market access, but retail is already in

July 16, 2026
Fourth of July 2026 Freebies and Deals

Fourth of July 2026 Freebies and Deals

July 3, 2026
How I Maximize My Sapphire Reserve Dining Credit

How I Maximize My Sapphire Reserve Dining Credit

July 10, 2026
The Weekly Notable Startup Funding Report: 6/22/26 – AlleyWatch

The Weekly Notable Startup Funding Report: 6/22/26 – AlleyWatch

June 21, 2026
The 10 Largest NYC Tech Startup Funding Rounds of June 2026 – AlleyWatch

The 10 Largest NYC Tech Startup Funding Rounds of June 2026 – AlleyWatch

July 6, 2026
The 22 Largest US Funding Rounds of May 2026 – AlleyWatch

The 22 Largest US Funding Rounds of May 2026 – AlleyWatch

June 30, 2026
Warren Buffett keeps pointing at the same ETF for a reason

Warren Buffett keeps pointing at the same ETF for a reason

0
More consumer companies are staying private for longer, avoiding IPOs

More consumer companies are staying private for longer, avoiding IPOs

0
Robinhood Platinum Card Review: Is It Worth 5 a Year?

Robinhood Platinum Card Review: Is It Worth $695 a Year?

0
GAIL India shares tumble 5% despite Q1 net profit doubling to Rs 4,665 crore. Buy, sell or hold?

GAIL India shares tumble 5% despite Q1 net profit doubling to Rs 4,665 crore. Buy, sell or hold?

0
People who can’t finish a book they aren’t enjoying aren’t lacking discipline, they’ve quietly figured out that the years remaining are shorter than the years behind, and finishing things out of obligation has stopped feeling like virtue

People who can’t finish a book they aren’t enjoying aren’t lacking discipline, they’ve quietly figured out that the years remaining are shorter than the years behind, and finishing things out of obligation has stopped feeling like virtue

0
Channel Data Management: The 2026 Guide to Decision-Grade Data

Channel Data Management: The 2026 Guide to Decision-Grade Data

0
Robinhood Platinum Card Review: Is It Worth 5 a Year?

Robinhood Platinum Card Review: Is It Worth $695 a Year?

August 3, 2026
GAIL India shares tumble 5% despite Q1 net profit doubling to Rs 4,665 crore. Buy, sell or hold?

GAIL India shares tumble 5% despite Q1 net profit doubling to Rs 4,665 crore. Buy, sell or hold?

August 3, 2026
China’s July manufacturing PMI drops to 4-month low of 50.9,

China’s July manufacturing PMI drops to 4-month low of 50.9,

August 3, 2026
Coldcard Flaw Exposes Hardware Wallet Testing Blind Spot: Kraken

Coldcard Flaw Exposes Hardware Wallet Testing Blind Spot: Kraken

August 3, 2026
New Forever Chemicals Coming To US Farms

New Forever Chemicals Coming To US Farms

August 3, 2026
People who can’t finish a book they aren’t enjoying aren’t lacking discipline, they’ve quietly figured out that the years remaining are shorter than the years behind, and finishing things out of obligation has stopped feeling like virtue

People who can’t finish a book they aren’t enjoying aren’t lacking discipline, they’ve quietly figured out that the years remaining are shorter than the years behind, and finishing things out of obligation has stopped feeling like virtue

August 2, 2026
theadvisertimes.com

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Economy
  • Financial Planning
  • Investing
  • Market Analysis
  • Markets
  • Money
  • Personal Finance
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Robinhood Platinum Card Review: Is It Worth $695 a Year?
  • GAIL India shares tumble 5% despite Q1 net profit doubling to Rs 4,665 crore. Buy, sell or hold?
  • China’s July manufacturing PMI drops to 4-month low of 50.9,
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • About Us
  • Contact Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Business
  • Financial Planning
  • Personal Finance
  • Investing
  • Money
  • Economy
  • Markets
  • Stocks
  • Trading

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.