Bill to boost U.S. chip production and competition with China clears key Senate hurdle
Business,Semiconductors,China,Manufacturing,Trade,Bipartisanship,Global Computer Chip Shortage
A bipartisan bill to bolster domestic semiconductor manufacturing and boost U.S. competitiveness with China has cleared a key Senate vote, setting it up for final passage in the chamber in the coming days.
The so-called cloture vote to break the legislative filibuster was originally set for Monday evening, but had been postponed until Tuesday morning after severe thunderstorms on the East Coast disrupted some senators’ travel plans.
The vote passed 64-32.
Senate Majority Leader Chuck Schumer, D-N.Y., said he hopes lawmakers “can remain on track to finish this legislation ASAP.”
The package, known as “CHIPS-plus,” includes roughly $52 billion in funding for U.S. companies producing computer chips and a provision that offers a tax credit for investment in chip manufacturing. It also provides funding to spur the innovation and development of other U.S. technologies.
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