Senate Passes Bill That Gives a Huge Middle Finger To China
(AmericanProsperity.com) – The auto and electronics industries have suffered the last couple of years as a result of a semiconductor chip shortage in Asia. Goods have become more expensive as a result, and national security concerns related to the manufacturing of the technology overseas have also arisen. Lawmakers just advanced a bill that could solve the problem.
On Wednesday, July 27, the Senate passed the CHIPS and Science Act with a 64-33 vote. The legislation will give about $52 billion in subsidies to chip manufacturers to boost production capabilities in the US. An additional $100 billion will be allocated for other programs, like expanding the work conducted by the National Science Foundation, over the next five years.
BREAKING NEWS: The Senate passed the bipartisan Chips and Science Act to bolster semiconductor chip production at home—a huge win for Michigan workers, manufacturing & our economy.
— Senator Gary Peters (@SenGaryPeters) July 27, 2022
Proponents of the bill say it will help reduce the United States’ reliance on China for microchips. According to NPR, President Joe Biden held a roundtable on Monday, and Secretary of Commerce Gina Raimondo said America used to produce 40% of the global chip’s supply, but it only makes 12% now. Meanwhile, the Asian nation has “invested more than $150 billion” in their own production infrastructure, while the US has done nothing.
The legislation will now move to the House of Representatives, where it reportedly has the support to pass. If it receives enough votes, the measure will head to Biden’s desk for the president’s signature.
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