McCain's economy plan draws fire

PITTSBURGH, Pennsylvania (CNN) - Amid record oil and gasoline prices and a faltering economy, Sen. John McCain Tuesday called for a suspension of the federal gas tax as a means of stimulating the economy - a call that was met with skepticism from many experts.

In a wide ranging economic speech at Carnegie Mellon University in Pittsburgh, the presumptive Republican nominee called for a hiatus in the 18.4 cent-a-gallon federal gas tax from Memorial Day until Labor Day - the period when vacationing Americans spend the most time on the road.

The federal government collects about $38 billion a year in gas and diesel taxes, with state and local governments bringing in about $78 billion more, according to the Federal Highway Administration.
Most of the money is used to fund highway projects. Suspending the gas tax during the summer would leave a funding gap of about $10 billion.

Analysts criticized the proposal for doing little to either stimulate the economy or lower gas prices, and say it could potentially leave roads in disrepair.