Trump says he aims to suspend gas tax "for a period of time"

Exclusive Politics Trump says he aims to suspend gas tax "for a period of time" By Nancy Cordes Nancy Cordes Chief White House Correspondent Nancy Cordes is CBS News' chief White House correspondent based in Washington, D.C. Cordes has won numerous awards for her reporting, including multiple Emmys, Edward R. Murrow awards, and an Alfred I. duPont-Columbia University Award. Read Full Bio Nancy Cordes Updated on: May 11, 2026 / 11:42 AM EDT / CBS News Add CBS News on Google Washington — President Trump said in a phone interview with CBS News Monday morning that he aims to suspend the federal gas tax "for a period of time.""I think it's a great idea," the president said. "Yup, we're going to take off the gas tax for a period of time, and when gas goes down, we'll let it phase back in."Gas prices have soared over 50% since the start of the Iran war on Feb. 28, hitting a high of over $4.52 on Sunday, according to AAA. Analysts say the prices are likely to remain high with Iran blocking access to the Strait of Hormuz. But suspending the excise taxes — 18.4 cents per gallon on gas and 24.4 cents a gallon on diesel — requires an act of Congress, and pausing it would cost the federal government about a half billion dollars a week. Several Democratic lawmakers have already introduced legislation to either pause or lower the federal gas tax.Revenue raised by the federal gas tax goes toward the Highway Trust Fund to construct and repair roadways, and it also pays for other transit projects. In the interview, Mr. Trump rejected the idea of a bailout for U.S. air carriers as they contend with jet fuel costs that have more than doubled since the start of the war with Iran.A bailout proposal "hasn't really been presented," he said. "The airlines are doing not badly." Budget carrier Spirit Airlines shut down earlier this month as it faced surging pressure from rising jet fuel prices. Analysts say ticket prices for all airlines will increase this summer a...