Biden calls for three-month federal gas tax "holiday"
The idea, which would require the support of Congress, is already being met with skepticism.
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The idea, which would require the support of Congress, is already being met with skepticism.
Stocks have slumped in recent weeks amid investor fears that sharply higher interest rates could trigger a recession.
President Joe Biden is urging congress to pass a three-month federal gas tax holiday. However, some Democrats -- including former President Barack Obama -- have long criticized the idea. CBS News Senior White House and Political Correspondent Ed O'Keefe has more on why Biden is moving forward with this proposal.
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The White House is feeling intense pressure over soaring inflation rate. Oil prices play a big role in them.
In a letter to several oil companies, President Joe Biden asked them to work with the White House to bring down high gas prices. CBS News correspondent Skyler Henry and CBS News senior White House and political correspondent Ed O'Keefe report.
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President Biden addressed the inflation crisis in a briefing at the Port of Los Angeles Friday. CBS News senior White House and political correspondent Ed O'Keefe reports.
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