McCain Calls for Summer-Long Suspension of Gas Tax. By Liz Sidoti, AP, April 15, 2008. "Sen. John McCain on Tuesday called for a summer-long suspension of the federal gasoline tax and several tax cuts as the likely presidential nominee sought to stem the public's pain from a troubled economy. Timed for the day millions of Americans filed their tax returns, McCain offered some immediate steps as well as long-term proposals in a broad economic speech... at Carnegie Mellon University... To help people weather the downturn immediately, McCain urged Congress to institute a 'gas-tax holiday' by suspending the 18.4 cent federal gas tax and 24.4 cent diesel tax from Memorial Day to Labor Day. By some estimates, the government would lose about $10 billion in revenue. He also renewed his call for the United States to stop adding to the Strategic Petroleum Reserve and thus lessen to some extent the worldwide demand for oil."
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