President Joe Biden is asking Congress to move quickly to send to him a bipartisan bill designed to boost the computer chips industry and high-tech research in the United States
President Joe Biden speaks virtually during an event in the South Court Auditorium on the White House complex in Washington, Monday, July 25, 2022. Biden, who continues to recover from his coronavirus infection, spoke virtually with business executives and labor leaders to discuss the Chips Act, a proposal to bolster domestic manufacturing.
The pandemic has underscored how much the United States relies on semiconductor manufacturers abroad to provide the chips used in automobiles, computers, appliances and weapons systems. The Biden administration has been warning lawmakers they need to act before leaving for their August recess to ensure the companies invest in U.S. fabs instead of building the plants elsewhere., held a virtual roundtable with members of his administration and industry leaders about the merits of the bill.
The leaders of Medtronic, a medical device maker, as well as Cummins Inc. and defense contractor Lockheed Martin, pitched the president on the need for the bill as well. Overall, the bill would increase U.S. deficits by about $79 billion over the next 10 years, according to the Congressional Budget Office. The bill also authorizes about $200 billion to advance high-tech research in the U.S. over the coming decade. Congress must approve that funding as part of future spending bills and the CBO did not include that research money in its deficit projection.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First Lady Jill Biden Thanks Heckler Who Slams Joe as 'Worst President'Jill Biden can take a little heckling and dish it too, it seems, as proven in a recent back-and-forth with a POTUS hater in New Haven, Connecticut.
Read more »
President Biden likely has contracted a highly contagious variant of COVID-19: DoctorPresident Joe Biden likely has contracted a highly contagious variant of the coronavirus spreading rapidly through the United States, and now has body aches and a sore throat since his positive test.
Read more »
President Biden likely has contracted a highly contagious variant of COVID-19: DoctorPresident Joe Biden likely has contracted a highly contagious variant of the coronavirus spreading rapidly through the United States, and now has body aches and a sore throat since his positive test.
Read more »
President Biden likely has contracted a highly contagious variant of COVID-19: DoctorPresident Joe Biden likely has contracted a highly contagious variant of the coronavirus spreading rapidly through the United States, and now has body aches and a sore throat since his positive test.
Read more »
Opinion | Let's Acknowledge Why the Midterms Look So Bleak for Democrats: Joe BidenA change of direction is needed quickly from Democrats.
Read more »
Chips funding bill faces a final vote in Senate this weekLegislation includes $52 billion to subsidize chip manufacturing and research, and tens of billions more for science and tech spending.
Read more »