Trump Plans to Suspend Federal Gas Tax Temporarily

WASHINGTON — President Trump told CBS News on Monday that he intends to suspend the federal gas tax "for a period of time" and phase it back in "when gas goes down."

Trump made the comments in a phone interview with CBS News chief White House correspondent Nancy Cordes. Suspending the excise taxes — 18.4 cents per gallon on gas and 24.4 cents per gallon on diesel — requires an act of Congress. Congress has shown little interest so far in suspending the tax to lower costs.

"And yep, 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," Trump said. "But no, we're gonna, we'll, we'll be doing something on that. Yes."

Gas prices have risen more than 50 percent since the Iran war began on Feb. 28. They hit a high of over $4.52 a gallon on Sunday, according to AAA. Analysts say prices will likely stay high because Iran is blocking access to the Strait of Hormuz.

Trump said Iran's latest response to the U.S. peace proposal included concessions on its nuclear program, but "not enough." He called it a "very stupid proposal."