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.
Combined, he said, the two proposals would reduce gas prices, which would have a trickle-down effect, and "help to spread relief across the American economy." Aides said McCain's Senate staff was drafting a bill on the proposal. It's likely to face strong opposition not only from Congress but the states.