Such a pause in the federal tax of 18.3 cents per gallon would require Congress to act, and so far there has been little appeal from lawmakers about the idea. However, the government is willing to find areas of relief for American consumers who are facing rising gas prices as summer begins. Monday’s national average for gas was just under $ 5 per gallon. “This is part of what we’re looking at, it’s part of the whole business,” Biden said. And when asked if he was close to deciding to write off his student debt by fulfilling one of his campaign promises, Biden said, “Yes.” The series of options currently under discussion in the White House reflects the urgent need behind the scenes to find ways to alleviate rising costs for Americans. Biden urged his team to look for areas where action is being taken to reduce financial burdens as the price of gas, food and other goods soars. Also under active consideration: Relief of certain tariffs in China, which could reduce the cost of certain consumer goods. The White House has previously downgraded the prospect of sending gas discount cards directly to Americans because the program would be difficult to manage. But Biden seemed to indicate that the idea was still in play, refusing to rule it out on the beach. High prices and the prospect of a recession are looming over Biden’s presidency, threatening the Democrats’ political outlook in the November midterm elections. However, as the waves fell near Rehoboth, Biden downgraded the risk of recession as the Federal Reserve raises interest rates in a bid to tame inflation. Several lawmakers and governors have cited the idea of a gas tax holiday, encouraging Biden to support the idea. Others, including some Democrats, were more skeptical. And the idea has not yet gained much traction in Congress, where a bill is pending, but has not yet come to a vote. Over the weekend, U.S. Energy and Finance ministers each said it was a worthwhile choice, though not a cure for high gas prices. “It’s one of the tools,” Energy Secretary Jennifer Granholm told Dana Bash on CNN’s “State of the Union.” “It is definitely one of the things that the President evaluates,” he added. “I know this is happening in many states. Honestly, the whole range of tools is still under pressure. He used the biggest tool he has, but he is obviously very worried about this continuing upward pressure on prices.” He said a challenge for the temporary tax suspension of about 18 cents per gallon was that it “finances the roads”. Finance Minister Janet Yellen also said a gas tax holiday over the weekend was “definitely worth considering.” The administration’s lukewarm approach to supporting a federal gasoline tax suspension so far reflects the concerns of some Democrats that it may not offer significant relief, especially if retailers raise the base price per gallon to close the gap. “I’m not a fan of the gas tax holiday. I think this is a trick, and you have to reverse it,” Larry Summers, President Bill Clinton’s finance minister, told NBC’s Meet the Press. “ As it turns out, Biden told reporters a day later that he had spoken to Summers that morning, who criticized the government for its approach to inflation and warned that a recession could now be inevitable. “There is nothing inevitable about a recession,” Biden insisted. Biden said he was confident of congressional action to reduce the cost of Medicare and insulin – both of which are now under negotiation – as well as new investments in renewable energy. He said senior oil and gas executives would meet with members of his government this week to discuss prices “so I can get an explanation of how they justify the $ 35 billion production in the first quarter.” However, he ruled out the possibility of meeting the executives himself: “No.” And he criticized the companies for cutting refining. “I want an explanation from them as to why they do not refine more oil,” he said.
