With inflation remaining high and consumers feeling squeezed, President Joe Biden on Wednesday called on Congress to suspend the federal gas tax for three months and asked states to take similar action. Biden said that gas prices in the U.S. have climbed nearly $2 a gallon following Russia’s invasion of Ukraine. The federal gas tax, which is just over 18 cents a gallon, is used to fund transportation projects. The president said the government can use other revenues to fund those projects while a gas “tax holiday” is in place. But it’s unclear whether Congress will act, as some members are skeptical. Biden, who is also encouraging oil companies and refiners to boost capacity and output to get more gasoline supply on the market, is set to meet with oil company executives Thursday.
Legislation to reform auto insurance will lead to higher rates for more than 1 million drivers, according to opponents who testified at a Senate committee hearing this week. But proponents of the bills say they’re needed to help victims of car accidents. One of the bills that cleared the committee would require drivers to carry $250,000 in personal injury protection — or PIP — up from the current minimum of $15,000. Another bill would prevent drivers from relying on their health insurance coverage for personal injury protection.
Rutgers University will raise tuition and fees by 2.9% for the new academic year beginning this fall. The university noted that the increase is nearly two-thirds below the current rate of inflation. Full-time arts and science undergraduates at the New Brunswick campus would pay close to $16,300, before financial aid. According to the university, almost three-quarters of its undergrads received some form of financial assistance in the 2020-21 academic year. The tuition increase was included in a new $5.1 billion budget approved by the university’s board of governors.
On Capitol Hill, Federal Reserve Chairman Jerome Powell testified Wednesday that a recession is a possibility. Wall Street kept a close eye on his comments.
