preCharge News POLITICS — President Donald Trump said in a phone interview with CBS News Monday morning that he aims to suspend the federal gas tax “for a period of time.”

“I think it’s a great idea,” the president said. “Yup, 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.”

Gas prices have surged more than 50% since the start of the Iran war on Feb. 28, reaching more than $4.52 per gallon on Sunday, according to AAA. Analysts say prices are likely to remain elevated while Iran continues blocking access to the Strait of Hormuz.

Congressional Approval Would Be Required

Suspending the federal excise tax — currently 18.4 cents per gallon on gasoline and 24.4 cents per gallon on diesel — would require approval from Congress.

Pausing the tax would also significantly impact federal revenue, costing the government an estimated half-billion dollars per week.

Republican Lawmakers Move to Introduce Legislation

Following Trump’s remarks, Josh Hawley said Monday that he plans to introduce legislation to suspend the federal gas tax.

Meanwhile, Anna Paulina Luna announced plans to introduce a similar bill in the House later this week in response to Trump’s proposal.

Several Democratic lawmakers had already proposed measures to either reduce or temporarily eliminate the tax amid rising fuel prices.

Highway Trust Fund Could Face Revenue Pressure

Revenue generated by the federal gas tax is directed toward the Highway Trust Fund, which finances highway construction, road repairs and public transportation projects across the United States.

Critics of suspending the tax argue that a prolonged pause could strain infrastructure funding while offering only modest savings for consumers.

Trump Rejects Airline Bailout Amid Jet Fuel Crisis

In the same interview, Trump rejected the idea of a federal bailout for U.S. airlines as carriers grapple with jet fuel costs that have more than doubled since the start of the Iran conflict.

“A bailout proposal hasn’t really been presented,” Trump said. “The airlines are doing not badly.”

Spirit Airlines Collapse Highlights Industry Pressure

Budget carrier Spirit Airlines shut down earlier this month after facing mounting financial pressure from soaring jet fuel prices.

Analysts warn that airline ticket prices are expected to rise throughout the summer as carriers attempt to offset higher operating costs tied to the Middle East conflict and disrupted oil supplies.

Trump Calls Iran Peace Proposal ‘Totally Unacceptable’

Over the weekend, Trump declared Iran’s latest peace proposal “totally unacceptable.”

Asked to explain his objections, the president criticized the proposal as “a bad proposal, a stupid proposal, actually…done by people that have no clue as to the danger they’re in.”

When questioned about possible Iranian concessions on its nuclear program, Trump replied: “Yeah, for sure, but not nearly enough.”

The comments underscore ongoing tensions between Washington and Tehran as negotiations continue alongside growing economic fallout from the conflict.

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Associated Press, CNBC News, Fox News, and preCharge News contributed to this report.