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President Joe Biden speaks about gas prices at the White House.

REUTERS/Kevin Lamarque

What We're Watching: Biden's gas tax holiday plan, deadly quake in Afghanistan, Italy's Five Star party woes

Biden’s gas tax holiday fuels tepid response

In a bid to address rising gas prices at home, President Joe Biden on Wednesday called for a gas tax holiday that would lift federal taxes on gas and diesel for the next three months. The move aims to show that the White House is taking the plight of Americans seriously after gas prices topped a whopping $5 a gallon last week. But Congress is unlikely to approve the suspension. Even Democrats – including House Speaker Nancy Pelosi – have canned the idea, saying that it is tokenistic because lifting federal taxes (18 cents per gallon) will barely move the needle, and that any small gains will be made by … oil companies. Critics also say that it won't have a significant impact on the base price of gas, with all taxes on average (state and federal) accounting for just 12% of the overall price. Indeed, this is the latest (desperate) attempt by the Biden administration to tackle the rising cost of living that is pummeling working-class Americans and contributing to his cratering poll numbers ahead of November’s midterm elections. The next step? In July, Biden will travel to Saudi Arabia to try and get Crown Prince Mohammed bin Salman to pump more oil.

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