President Joe Biden unveiled his plan to fight inflation Tuesday from the White House on the same day gas prices hit a record high of $4.37 per gallon.
Biden’s announcement also came one day before the government’s monthly inflation report is released for April. The Consumer Price Index increased 8.5% in the 12-month period ending in March.
Biden said that inflation is the No. 1 issue his administration is working on.
Much of Biden’s plan relies on support from Congress, which faces steep hurdles as Democrats hold narrow majorities in the House and Senate.
“My plan is to lower everyday costs for hard-working Americans and lower the deficit by asking large corporations and wealthiest Americans to not engage in price gouging and to pay their fair share in taxes," Biden said on Tuesday.
Biden went on the offensive against Republicans, claiming the party is wanting to raise taxes. While Biden is going after an 11-point plan offered by Sen. Rick Scott of Florida, many Republicans are not on board with Scott’s plan.'
"They don't want to solve inflation by lowering costs. They want to solve it by raising taxes and lowering income," Biden said.
In the last year, average incomes have gone up 5.5%, which has partially offset the effects of inflation.
Biden called on Congress to make oil companies pay fees on idled wells and non-producing acres on Federal lands – “so that companies that continue to sit on excess capacity will have to choose whether to start producing or pay a fee.”
Biden also asked Congress to pass clean energy and vehicle tax credits and investments.
Meanwhile, Senate Minority Leader Mitch McConnell said Democrats are to blame for inflation.
"They took an economy ready to soar, turned it around and drove into the ground," he said. "American families being crushed by inflation, Dem policies unleashed the worst inflation in more than 40 years."