"President Biden understands that high gas prices pose a significant challenge for working families." So says a White House "fact sheet" released Wednesday morning announcing President Biden's support for a federal and state gas tax holiday.

The White House touts that Biden has "taken action in recent months," releasing oil from the Strategic Petroleum Reserve and "encouraging oil companies and refiners to boost capacity and output to get more supply on the market."

In a speech later Wednesday, President Biden will urge "Congress and states to provide direct relief to American consumers who have been hit with Putin’s Price Hike," the White House said.

"Specifically, he is calling on Congress to suspend the federal gas tax for three months, through September, without taking any money away from the Highway Trust Fund. And he is calling on states to take similar action to provide some direct relief, whether suspending their own gas taxes or helping consumers in other ways."

The federal gas tax is 18.4 cents per gallon, and 24 cents for diesel.

The taxes fund the Highway Trust Fund, which is intended for highway repair/construction and public transportation. The gas tax holiday will deprive the Highway Trust Fund of "roughly $10 billion."