By Damian Paletta

Good morning. President Trump on Monday told a CBS reporter that he was in favor of temporarily suspending the gas tax. If successful, it would provide some relief at the pump for drivers, potentially knocking 18 cents off each gallon of gasoline and 24 cents off each gallon of diesel.

Suspending this tax isn't so simple, but it's also not impossible. Here's the most likely way Trump could pull it off: with Congress.

Suspending the gas tax has some bipartisan support, which is notable these days. Gas prices on Monday averaged $4.52 a gallon, and diesel prices were at $5.64. That's up markedly from before the Iran war. The savings Trump and Congress might try to offer would be just a fraction of the increase.

Still, opposing the suspension could be a difficult vote for members of either party heading into the midterms as these costs are putting a pinch on consumers. It would at least give them something to vote for.

The trade off: The federal gas tax pays for highway and transit projects. If that source of revenue dries up, it's unclear what the impact might be.

The other challenge: If the gas tax is suspended and prices keep going up, would Washington ever let the gas tax go back into effect?

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People and Policies I'm Watching

Iran war: Follow live updates after Trump said the cease-fire between the U.S. and Iran was on "massive life support" and an Iranian official said any U.N. Security Council resolution that failed to address the U.S. blockade and Washington's threats would be doomed to fail.

Trump to Beijing: The president is to leave for his summit with China's Xi Jinping after participating in a print interview at 11 a.m. ET.

April inflation: The Bureau of Labor Statistic is to issue the April CPI report at 8:30 a.m.

Pete Hegseth and Dan Caine: The defense secretary and the Joint Chiefs chairman are to testify to the House Appropriations Committee at 8 a.m. and to a Senate Appropriations subcommittee at 10:30 a.m.

Kash Patel: The FBI director is to testify to the Senate Appropriations Committee at 2 p.m.

What I'm Following

The Justice Department is targeting media companies in a crackdown on war leaks. Trump has privately complained to Todd Blanche, the acting attorney general, about leaks about the Iran war, prompting an aggressive push at the department to pursue those investigations. Prosecutors are resorting to tactics not used in decades, including directly subpoenaing media organizations early in investigations.

Stalemate in the Middle East. As Trump's Iran war cease-fire enters its second month with a military stalemate and little progress in negotiations, the stage is set for a drawn-out period of uncertainty where the Strait of Hormuz remains closed and the threat of sporadic fighting lurks constantly in the background.

Trump's midterms strategy aims to create a new generation of MAGA lawmakers loyal to him and his agenda. They include some with unconventional backgrounds, such as Julia Letlow in Louisiana, whom he has selected to defeat in this Saturday's primary Sen. Bill Cassidy, who voted to impeach him for the Jan. 6, 2021, riots at the Capitol. But her history of supporting equity, diversity inclusion measures is turning into a liability.

What Else Is Happening

   -- Democrats are targeting new states to try to regain the upper hand in the 
      redistricting fight. 
 
   -- An insider-trading scandal is rocking M&A law firms after a job-hopping 
      lawyer accessed files and recruited lawyers at elite firms to tip traders 
      about pending deals, prosecutors say. 
 
   -- British Prime Minister Keir Starmer was fighting for his job after 
      several of his own cabinet members urged him to set a timetable for his 
      departure, a move that could usher in the U.K.'s sixth prime minister in 
      seven years. 
 
   -- The Navy said the new battleship named after Trump will be 
      nuclear-powered, a move expected to increase the cost and complexity of 
      the multibillion-dollar project. 

What I'm Reading

   -- Hegseth wants new investigation of Sen. Kelly over weapons comments. 
      (Arizona Republic) 
 
   -- Spencer Pratt is running for LA mayor. Could he win? (The Free Press) 
 
   -- Zach Nunn urges Iran 'off-ramp,' won't set limits on Trump war powers. 
      (Des Moines Register) 

About Me

I'm Damian Paletta, The Wall Street Journal's Washington coverage chief. I've covered Washington for 22 years as a reporter and editor. I've covered the White House, Congress, national security, the federal budget, economics and multiple market meltdowns.

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May 12, 2026 07:11 ET (11:11 GMT)

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