President Joe Biden signaled Monday that he could be open to sending Individuals gasoline rebate playing cards to assist offset hovering gasoline costs within the U.S.
Chatting with reporters in Rehoboth Seaside, Delaware, the president mentioned the rebate playing cards are “a part of what we’re contemplating, that is a part of the entire operation,” in line with CNN. Biden additionally talked about the potential for quickly suspending the federal gasoline tax.
“I hope to have a choice based mostly on the info I am on the lookout for by the tip [of] the week,” Biden mentioned, referring to the potential gasoline tax vacation.
The Biden administration has been dealing with heavy strain to assist alleviate Individuals’ ache on the pump amid Russia’s warfare in Ukraine and surging inflation, which hit a 40-year excessive in Could. On Monday, the nationwide common for U.S. gasoline costs was $4.98 per gallon, in line with AAA. Costs peaked on June 14, at $5.016 per gallon, Axios reported, citing an earlier AAA common.
Final week, a number of information retailers reported that Biden was mulling a brand new financial stimulus plan wherein he would ship gasoline rebate playing cards to Individuals. Nonetheless, the thought will not be with out criticism. Some officers reportedly anxious that recipients would use the playing cards’ funds for purchases aside from gasoline. Moreover, there have been issues that ongoing chip shortages would trigger issues for card manufacturing.
The White Home reportedly mentioned the rebate playing cards earlier this 12 months however did not find yourself following by way of with the thought, Axios reported in March. At the moment, issues additionally centered on probably overextending the IRS, which might be charged with distributing the playing cards.
However regardless of these potential difficulties, Biden’s feedback Monday to reporters in Delaware indicated that he has not dominated out the thought. In the meantime, California has been contemplating its personal gasoline rebate proposal.
As for the potential gasoline tax vacation, Treasury Secretary Janet Yellen has additionally voiced openness to the thought. Showing Sunday on ABC’s This Week, Yellen mentioned that it was an concept that was “actually price contemplating.” The federal gasoline tax is about 18.4 cents per gallon.
Yellen additionally mentioned that Biden was “able to work with Congress” on combating escalating gasoline costs.
“If Congress will work with him to enact among the administration’s applications, we will convey down different prices which might be burdening households, like pharmaceuticals, well being care prices and improve the provision of reasonably priced housing,” she mentioned.
Newsweek reached out to the White Home for additional remark.