By Kristin Myers, Editor-in-Chief

What's Happening Today

As gas prices remain near record highs, President Biden has called on Congress to suspend federal taxes on gas for the next three months in an attempt to provide some relief to American drivers. But it faces an uphill battle in Washington, where critics say the measure might not do much to lower prices.

The national average cost for a gallon of regular gas still hovers near a record high of $5 a gallon, according to AAA. Meanwhile, the current federal gas tax is roughly 18 cents per gallon; cutting it would only shave off a few dollars the next time you fill up at the pump.

The White House is considering all options to give some relief to American consumers who have been struggling as inflation causes prices for gasoline, groceries, and more to rise, while the Federal Reserve has started aggressively hiking interest rates to battle the spike in the cost of goods and services.

But slamming the brakes on the U.S. economy raises concerns that the move could tip the country into a recession. Testifying before Congress yesterday, Fed Chair Jerome Powell admitted that a recession was a possibility as rates rise, but that he did not see an increased likelihood of that outcome.

- Kristin

Editors' Picks

Would a Gas Tax 'Holiday' Really Lower Prices at Pumps? (The Balance)

What Is the Federal Gasoline Excise Tax Rate? (The Balance)

Manufacturing, Mortgage Rates Looking Like 2008 (The Balance)

Powell Says Soft Landing 'Very Challenging;' Recession Possible (Bloomberg)

The Dream of Owning a Home is Out of Reach for 4 Million Americans (CNN Business)

Should You Invest During a Recession? (The Balance)

Should You Buy Now, Pay Later? Tread Carefully. (The New York Times)

What Do I Need To Open a CD? (The Balance)

Off the Charts

Depending on where you live and how much gas costs in your state, the existing federal gasoline excise tax and each state's gasoline tax can make a difference in the price you pay at the pump. The states with the highest state gas taxes are California, Pennsylvania, and Illinois, according to a report by the American Petroleum Institute.

Number of the Day

$12 Billion - That's how much Americans pay each year in credit card penalties, according to a government lending watchdog that's targeting 'excessive' late fees.