President George Bush believes lifting the current cap on tax credits for hybrids and advanced diesels is one step the government can take to deal with soaring gas prices.

The current tax credit scheme starts to phase out for a given brand of car once 60,000 vehicles are sold. Toyota's fast-selling hybrids will carry the automaker past the current cap by the middle of this year.

The cap has drawn criticism for being an effort to keep foreign automakers from reaping the lion's share of the sales benefits from the tax credit program, because their hybrid programs are considered more advanced than those of their U.S. competitors.

[Source: Automotive News]