The United States Senate advanced a $52 billion this week aimed at manufacturing semiconductor chips domestically as a global shortage of the chips has caused production disruptions in the auto and electronics industries since the start of the COVID-19 pandemic.
The bill would provide subsidies to US manufacturers to ramp up domestic production of the semiconductor chips and ease the economic pain of higher car and electronics prices resulting from worldwide supply chain issues. The US has historically relied on imports for semiconductor chips.
The 68-28 vote in the Senate sends the legislation back to the House of Representatives, where a conference of both houses will convene to come to a compromise on the bill.
The White House is hopeful the final bill will offer some relief to the US economy, and “strengthen our supply chains, make more in America, and outcompete China and the rest of the world for decades to come,” according to Press Secretary Jen Psaki. “We look forward to the House of Representatives moving quickly to start the formal conference process as well.”
Critics of the bill, including Vermont Senator Bernie Sanders, say it is “corporate greed” and taxpayers should benefit from the financial gains made by US corporations who receive these subsidies. It is unclear when the conference on the bill will take place.
ARTICLE: LAURA SPIVAK
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: NBC CHICAGO
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