“I hope to make a decision based on the data I’m looking for by the weekend,” Biden told reporters at Delaware’s Rehoboth Beach when asked if he supports the gas tax holiday.
“It’s part of what we’ll consider, it’s part of the whole process,” Biden said.
Asked if he was close to forgiving student debt and fulfilling one of his campaign promises, Biden said: “Yes.”
The White House has previously underestimated the possibility of sending gas discount cards directly to Americans because the plan would be difficult to manage. But Biden seemed to indicate that the idea was still in the game, refusing to dismiss it to reporters on the beach.
With the Democrats’ political chances in the November midterm elections threatening, the prospects for higher prices and a recession are mounting for Biden’s presidency.
However, Fiden underestimated the risk of a recession as waves in Rehobol collided nearby and the Federal Reserve raised interest rates in an effort to curb inflation.
Many lawmakers and governors have put forward the idea of a gas tax holiday, promoting the idea behind the idea. Others, including some Democrats, are more skeptical. The idea has not yet received significant traction in Congress, where a bill is pending, but has not yet come to a vote.
Over the weekend, each of the U.S. Energy and Treasury secretaries said it was a worthwhile option, although not a cure for higher gas prices.
“This is definitely one of the things the president evaluates,” he added. “I know this is happening in many states. Honestly, the whole line of tools is still being pressed. He used the biggest tool he has, but he’s very concerned about the pressure going up constantly on the price.”
One challenge in temporarily suspending the tax, which is about 18 percent per gallon, is “financing the roads,” he said.
Treasury Secretary Janet Yellen said the gas tax holiday over the weekend was “definitely worth considering”.
The sluggish management approach so far in favor of stopping the federal petrol tax reflects concerns that some Democrats will not offer significant relief, especially if retailers raise the gallon base price to make up the difference.
“I’m not a fan of the gas tax holiday. I think it’s a kind of gimmick, and in the end you have to change it,” Larry Summers, Treasury Secretary to President Bill Clinton, told NBC’s Meet the Press. “
When that happened, Fiden told reporters a day later that he had spoken to Summers that morning, criticizing the administration for its approach to inflation and warning that the recession was now inevitable.
“There is nothing inevitable about a recession,” Biden stressed.
Biden said he was confident of congressional action to reduce the cost of medical insurance and insulin – two items now under negotiation – as well as new investments in renewable energy.
He said key oil and gas CEOs will discuss prices with members of his management this week “so I can get an explanation of how they justify $ 35 billion in the first quarter.”
But he does not meet with executives himself: “No,” he declined.
He also criticized the companies for downsizing.
“We need an explanation from them as to why they are not refining too much oil,” he said.