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Biden dismissed chip subsidies as charity: pass a chip bill as soon as possible

via:凤凰网     time:2022/7/26 9:01:49     readed:90

Phoenix Network technology news on July 26, Beijing time on July 25, THE United States President Joe Middot; Joe Biden and Lockheed & Middot; The ceos of Martin Corp. (LMT.N), Medtronic Corp. (MDT.N) and Cummins Corp. (CMI.N) met online with labor leaders. He told the meeting:The economic imperative is for Congress to pass the chip subsidy bill as soon as possible, which will provide a strong boost to the semiconductor manufacturing industry

Senator Bernie & Middot; Bernie Sanders, the us senator, attacked the legislation, calling it a "blank cheque" for the "hugely profitable" chip industry, which is now reaping the rewards of government investment after closing factories in the US over the past two decades.

In response to the opposition, Biden dismissed the bill as a "handout" to big companies, noting that the Commerce Department would recover funds if companies failed to live up to their commitments.

Lockheed & Middot; Martin's CEO told Biden that a strong chip supplyVital to national security, the health of the defense industrial base and the aerospace industry as a whole”。

Gina Middot, the commerce secretary, who was a strong driver of the CHIP bill; "This is an investment in the US to reduce US companies' dependence on foreign semiconductor manufacturing and alleviate supply chain issues," said Gina Raimondo, chief executive.

Chip legislation is planned to ease production shortages plaguing industries such as automobiles, consumer electronics, medical devices and high-tech weapons. Last week, the Senate voted 64 to 34 in favor of a procedural measure on the stripped-down chip legislation. Senate Democratic Majority Leader Chuck Middot; Chuck Schumer, the New York Senator, said the procedural vote would be delayed until 11 a.m. Et on Tuesday because of bad weather.

The bill includes about $52 billion in subsidies for U.S. semiconductor production and a 25% tax credit for four years to encourage companies to set up semiconductor plants in the United States. The tax breaks are estimated to be worth about $24 billion. It also proposed $1 billion in grants for "persistently poor communities."

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