(CNN)President Joe Biden said Monday that he intends to make a decision on whether to support a temporary delay in the federal gasoline tax shortly, and that he is close to making a decision on student debt relief, as he seeks to relieve Americans' burden of high costs.
When asked if he was considering supporting a gas tax holiday, Biden told reporters by the sea in Rehoboth Beach, Delaware, "I hope to have a conclusion based on the data I'm looking for by the end of the week."
A halt in the federal tax of 18.3 cents per gallon would require Congress to act, and the concept has had little support among politicians thus far. However, as summer approaches, the government is eager to identify areas of relief for American consumers who are dealing with increasing gas prices. The national average for gasoline on Monday was just under $5 per gallon.
"That's part of what we're considering, that's part of the whole operation," Biden responded when asked if he supports mailing Americans gas rebate cards.When asked if he was close to making a decision on canceling student debt, which was one of his campaign promises, Biden answered, "Yes."
The variety of solutions currently being discussed at the White House shows the pressing need behind the scenes to find methods to reduce Americans' skyrocketing expenses. As the price of petrol, food, and other things rises, Biden has urged his team to look for areas where he might take action to relieve financial burdens.Easing certain tariffs on China, which might lower the cost of some consumer items, is also being considered.
Because the program would be difficult to run, the White House has already dismissed the idea of issuing gas refund cards directly to Americans. However, Biden seemed to imply that the proposal was still on the table when he refused to rule it out to reporters on the beach.
High prices and the possibility of a recession hang over Biden's administration, endangering Democrats' chances in November's midterm elections.
Despite the fact that waves broke nearby in Rehoboth, Biden dismissed the likelihood of a recession as the Federal Reserve boosts interest rates in an effort to control inflation.
Several politicians and governors have proposed a gas tax holiday, which has prompted Biden to support the proposal. Some Democrats, for example, have expressed reservations. And the concept has yet to acquire steam in Congress, where a measure is pending but has yet to be voted on.
The US Energy and Treasury secretaries both indicated it was a worthwhile alternative over the weekend, though not a panacea for high gas prices.
On CNN's "State of the Union," Energy Secretary Jennifer Granholm said, "It's one of the tools."
"It's undoubtedly something the President is considering," she continued. "This, I'm sure, is what's been going on in a lot of states. To be honest, the entire toolkit is still being used. He's utilized the most powerful tool at his disposal, but he's clearly concerned about the sustained increasing pressure on prices."
She explained that temporarily suspending the roughly 18-cent-per-gallon levy would be difficult because "it funds the roads."
Over the weekend, Treasury Secretary Janet Yellen said a gas tax holiday was "absolutely worth discussing."
The administration's lukewarm attitude toward a federal gasoline tax suspension reflects fears among some Democrats that it would not give sufficient relief, especially if retailers raised the base price per gallon to make up the difference.
"The gas tax holiday does not appeal to me. On NBC's "Meet the Press," Larry Summers, a Treasury Secretary under President Bill Clinton, remarked, "I believe that's kind of a gimmick, and you have to reverse it ultimately.""Biden later told reporters a day later that he'd spoken to Summers that morning, who has chastised the administration's response to inflation and warned that a recession may now be unavoidable.
'A recession is not unavoidable,' Biden stated emphatically.
Biden expressed confidence in congressional action to reduce the costs of Medicare and insulin, both of which are now being negotiated, as well as additional renewable energy expenditures.
He said he'll meet with officials of his administration this week to discuss prices "so I can get an explanation of how they justify generating $35 billion in the first quarter."
"No," he said when asked if he would meet with the executives himself.
He also chastised the firms for reducing refining.
He stated, "I want an answer from them as to why they aren't refining more oil."
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