A bill designed to encourage more semiconductor companies to build chip plants in the United States passed the Senate on Wednesday as lawmakers raced to finish work on a key priority of the Biden administration.
Opponents have been critical of the bill's price tag. It is projected to increase federal deficits by about $79 billion over 10 years.
The bill has been in the works for years, starting with efforts by Schumer and Sen. Todd Young, R-Ind., to increase the government’s investment in high tech research and development. While the bill has taken several twists and turns, one constant theme that lawmakers repeatedly emphasized during Wednesday’s debate was the need to keep up with China’s massive investments in cutting-edge technology.
The bill provides more than $52 billion in grants and other incentives for the semiconductor industry as well as a 25% tax credit for those companies that invest in chip plants in the U.S. It calls for increased spending on various research programs that would total about $200 billion over 10 years, though Congress will have to follow through by approving that money in future spending bills.
Commerce Secretary Gina Raimondo told lawmakers behind the scenes and publicly that semiconductor companies were making plans on how to meet the increased demand for chips. She said the growth in the industry would move forward with or without the United States and if lawmakers didn't act quite soon, those companies would simply choose to build in other countries offering significant financial incentives.
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.
Senate passes bill to boost computer chip production in USWASHINGTON (AP) — A bill designed to encourage more semiconductor companies to build chip plants in the United States passed the Senate on Wednesday as lawmakers raced to finish work on a key priority of the Biden administration.
Read more »
Senate passes massive package to boost U.S. computer chip productionSenate approves a sweeping package aimed at boosting domestic production of computer chips and helping the U.S. stay competitive with China.
Read more »
Senate passes $280B bill boosting domestic chip production, researchThe Senate on Wednesday is set to vote on final passage of a $280 billion bill aimed at boosting domestic semiconductor production and funding science and technology research, a key priority for the Biden administration and major manufacturers.
Read more »
In rare contact, United States offers Russia deal for Brittney Griner, Paul WhelanWASHINGTON — The Biden administration has offered a deal to Russia aimed at bringing home WNBA star Brittney Griner and another jailed American Paul Whelan,...
Read more »
3 NYC Hospitals Ranked Among Top 20 in the United StatesThree of New York City’s largest hospitals rank among the top 20 in the entire country, U.S. News said in its annual Best Hospitals Honor Roll on Tuesday. NYU Langone ranks third in the nation (after coming eighth last year), New York-Presbyterian ranks seventh (the same as 2021) and Mount Sinai ranks 16th (versus 17th last year) in the annual…
Read more »
Senate passes bill to boost computer chip production in USThe Senate has passed a bill that's designed to encourage more semiconductor companies to build chip plants in the United States
Read more »