Over the past week the phrase "gas tax holiday" went from something no one knew about to a phrase being blasted through all media outlets. But what exactly is a gas tax holiday? Is it a new federal holiday that will give us all another three-day weekend? And will a gas tax holiday do anything for our downward spiraling economy?

The phrase "gas tax holiday" refers to a proposal from presidential hopefuls Sen. Hillary Clinton and Sen. John McCain to suspend the federal excise tax on gasoline from Memorial Day to Labor Day. It is a direct result of the eve-rising fuel prices that are expected to surpass $4 per gallon later this summer.

Currently the federal government levies an 18.4-cent excise tax on gasoline and a 24.4-cent tax on diesel. If the tax holiday were implemented estimates say that it could save the average American around $30 during the 3-month holiday. However, this number is just a guess as the actual savings are widely debated. But keep in mind that this tax-free holiday only applies to the federal taxes levied on fuel, not the state taxes.

People who support the holiday claim it is a fair tax break that all Americans will benefit from. According to reports, the average American gas tank holds between 15 and 18 gallons, and if the price of gas actually fell during the holiday, it could account for savings of $2 - $5 per fill-up. Which isn’t exactly a lot of money considering how much money Americans are spending at the pump.

Although it would not be very effective, the main reason Senators McCain and Clinton endorsed the holiday is because it was a good campaign move. Americans are frustrated with rising gas prices and are looking for lower gas prices. By supporting this gas tax holiday, the two candidates are hoping to get positive attention for their campaigns. Unfortunately, but it looks like the opposite has happened.

Just a few days after the gas tax holiday was announced, 200 of the nation’s leading economists came out against the measure. They said it would basically do nothing. They point out that a price drop would correlate to increased demand and could give even more money to the big oil corporations. Additionally, it would result in a massive loss of revenue to the federal government.

Unlike the other presidential hopefuls, Sen. Barack Obama has come out strongly against the gas tax holiday, calling it a quick-fix to a deeper problem.