BREAKING NEWS – Senate PASSES $280 billion CHIP bill to build semiconductors and combat China: Biden says it’s ‘one answer’ for Americans worried about the economy and cost of living
In a 64-33 vote the Senate advanced a bill, known as CHIPS-plus, that has been in the works for over a year. The bill now moves toward the House where it is expected to pass.
The package includes $52 billion in funding for U.S. companies to produce computer chips as well as a 25 percent tax credit for companies who invest in the market. It includes $39 billion for chip manufacturing companies to expand and modernize their technologies and $11 billion for the Commerce Department for research and development. It includes another $81 billion for the National Science Foundation.
Lawmakers hope to have the bill on President Biden’s desk for signing by early August. Biden celebrated the bill Wednesday as a way to ‘lower costs and create jobs.’
‘As Americans are worried about the state of the economy and the cost of living, the CHIPS bill is one answer … lowering prices on everything from cars to dish washers.’
‘It will mean more resilient American supply chains, so we are never so reliant on foreign countries for the critical technologies that we need for American consumers and national security.’
‘We will look back on history and say this was a time when America really realized its responsibility to stay the leading economic and national security power in the world,’ Sen. Majority Leader Chuck Schumer, who led negotiations on the bill, said. ‘It’s a very, very significant bill.’
The bill garnered support from 17 Republicans, including Sen. Minority Leader Mitch McConnell, R-Ky., and members of his leadership team, including GOP Policy Committee chairman Sen. Roy Blunt, R-Mo., and Sens. John Cornyn, R-Texas and Rob Portman, R-Ohio.