[Congressional Record Volume 154, Number 61 (Thursday, April 17, 2008)]
[Senate]
[Pages S3161-S3162]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. McCAIN (for himself, Mr. Kyl, Mr. Burr, Mr. Graham, Mr. 
        Martinez, Mr. Warner, Mr. Chambliss, Mr. Lieberman, and Mr. 
        Sununu):
  S. 2890. A bill to amend the Internal Revenue Code of 1986 to provide 
for a highway fuel tax holiday; to the Committee on Finance.
  Mr. McCAIN. Mr. President, I am pleased to be joined today by 
Senators Kyl, Burr, Graham, Martinez, Warner, Chambliss, Lieberman, 
Wicker and Sununu in introducing legislation that would provide all 
Americans with a ``gas tax holiday'' this summer. This bill would 
suspend the 18.4 cents-per-gallon Federal tax on gasoline and the 24.4 
cents-per-gallon tax on diesel fuel from Memorial Day to Labor Day.
  Today, this legislation was put forward on the Senate floor as an 
amendment to the Highway Technical Corrections bill, but it was blocked 
from being considered. I now call on my colleagues on both sides of the 
aisle to come together to support this proposal that would provide 
immediate relief to all Americans suffering from the high price of gas.

[[Page S3162]]

  Mr. President, hardworking American families are facing many 
difficult challenges due to the current economic realities facing our 
country. Now, more than ever, they find themselves having to choose 
between basic needs to provide for their families, and this is being 
greatly exacerbated by rising gasoline prices, which have risen by more 
than 58 percent in the last 14 months. That is why I am pleased to be 
joined by so many of my colleagues in offering a proposal to provide 
some needed relief for every person who will be filling their gas or 
diesel tanks this summer.
  In the past year, the price of unleaded regular gas has increased 53 
cents per gallon. Diesel fuel prices nationwide are now over $1.30 more 
per gallon more than this time last year. With the growing financial 
strains placed on so many Americans--rising food prices and falling 
home prices--the additional hit of rising fuel prices is becoming the 
breaking point.
  In an effort to ease some of the hardship caused by the higher fuel 
prices, our bill would suspend the Federal tax on gas and the tax on 
diesel fuel from Memorial Day to Labor Day. Last Memorial Day, alone, 
approximately 32 million Americans traveled by car 50 miles or more 
from home. Suspending the federal excise tax during the summer, when 
fuel prices have historically been at the highest annually, would allow 
Americans to keep a few more of their hard-earned dollars.
  Now, let me be clear: this bill would not harm the Highway Trust 
Fund. This bill would ensure that the Highway Trust Fund remains whole 
during this ``gas tax holiday'' by transferring monies from the General 
Treasury. We all agree that our roads and highways must be maintained 
and improved to ensure the safety of the road-traveling public, and 
this amendment would do nothing to impact highway construction.
  So, my colleagues have an opportunity to take meaningful action to 
ease some of the financial burdens that are impacting all hardworking 
Americans every time they fill up their gas or diesel tanks. Let's put 
some acton behind the usual rhetoric around here and vote to ease their 
tax burden this summer.
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