PanamaTimes

Monday, May 27, 2024

U.S. Senate to vote as soon as Tuesday on slimmed-down China chip bill -source

U.S. Senate to vote as soon as Tuesday on slimmed-down China chip bill -source

Voting in the Senate on a bill to boost the U.S. semiconductor industry and improve competitiveness with China could begin as early as Tuesday, Senate Majority Leader Chuck Schumer has been telling lawmakers, a source familiar with the issue said on Thursday.
The source said the bill would include, at a minimum, billions of dollars in subsidies for the semiconductor industry and an investment tax credit to boost U.S. manufacturing.

Lawmakers hope to pass the legislation and send it to the White House for President Joe Biden to sign into law before they leave Washington for their annual August recess.

"We want as robust of a bill as possible," U.S. Commerce Secretary Gina Raimondo told reporters following a closed briefing with some members of the House of Representatives. But when asked if a scaled-back measure would be acceptable, Raimondo replied: "If that's what the members of both the House and the Senate feel is possible, then let's get it done."

Citing national security concerns if legislation were to continue to languish, Raimondo said, "We are out of time."

The planned legislation would be a condensed version of a bill the Senate passed in June 2021 that included $52 billion for chip subsidies and authorized another $200 billion to boost U.S. scientific and technological innovation to compete with China.

But that bill never became law. The House of Representatives never took it up, instead passing its own version in February similar to the Senate's measure but also included a number of trade proposals.

The overall plan - a priority for the Biden administration - more recently faced a new hurdle in the Senate, where it will need Republican support to move ahead.

Senate Republican Leader Mitch McConnell said on Monday that if Democrats pursue a separate partisan social spending, tax and climate bill, it "will certainly crowd out our ability" to move ahead the bipartisan chips and China competition measure.

Secretary of Defense Lloyd Austin issued a statement urging Congress to act. "Weapon systems employed on the battlefields of today and emerging technologies of tomorrow depend on our access to a steady, secure supply of microelectronics," he said.

The comments about Schumer's plans were consistent with what Raimondo told Reuters on Wednesday. She said lawmakers appeared to be moving to carve off the $52 billion in semiconductor chips manufacturing subsidies from the larger bill.

A shortage of chips has disrupted the automotive and electronics industries, forcing some companies to scale back production. Many companies think the shortage will last at least until late 2023.
Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
El Salvador's Bitcoin Holdings Reach $350 Million
Teens Forming Friendships with AI Chatbots
WhatsApp Rolls Out Major Redesign
Neuralink's First Brain Implant Experiences Issue
Apple Unveils New iPad Pro with M4 Chip, Misleading AI Claims
OpenAI to Announce Google Search Competitor
Apple Apologizes for Controversial iPad Pro Ad Featuring Instrument Destruction
German politician of the AFD party, Marie-Thérèse Kaiser was just convicted & fined $6,000+
Changpeng Zhao Sentenced to Four Months in Jail
Biden Administration to Relax Marijuana Regulations
101-Year-Old Woman Mistaken for a Baby by American Airlines: Comical Mix-Up during Flight Check-in
King Charles and Camilla enjoying the Inuit voice singing performance in Canada.
New Study: Vaping May Lower Fertility in Women Trying to Get Pregnant
U.S. DOJ Seeks Three-Year Sentence for Binance Founder Changpeng Zhao
Headlines - Thursday, 23 April 2024
Illinois Woman Wins $45M Lawsuit Against Johnson & Johnson and Kenvue for Mesothelioma Linked to Baby Powder
Panama's lates news for Friday, April 19
Creative menu of a Pizza restaurant..
You can be a very successful player, but a player with character is another level!
Experience the Future of Dining: My Visit to an AI-Powered Burger Joint
Stabbing rampage terror attack in Sydney, at least four people killed, early reports that a baby was among those stabbed.
Iran fired more than 300 drones and missiles at Israel overnight. Israel Reports Light Damage After Iran Launches Large Strike.
I will never get enough of his videos and the pure joy and beauty of these women!!
Scientists at the University of Maryland have developed an "invisibility cloak", for AI using adversarial patterns on a sweater, making the wearer nearly undetectable to standard object detection methods.
Lamborghini Bids Farewell to Its Best-Selling Sports Car: The Huracán
Sam Bankman-Fried Appeals 25-Year Prison Sentence for $8bn FTX Fraud
OJ Simpson, ex-NFL star who was acquitted of murder, dies aged 76
British Backpacker Imprisoned in Notorious Bolivian Prison: Family Raises Funds for Legal Fight and Essentials
Argentina: Venezuela Cuts Power to Embassy after Opposition Meeting
El Salvador Offers 5,000 Passports to Skilled Foreign Workers: Tax-Free Relocation and Citizenship
Panama Papers Trial Begins: Founders of Mossack Fonseca Face Money-Laundering Charges
75 Becomes the New 65: Retiring in Your 60s Unrealistic as Life Expectancy Increases and Costs Rise
Total Solar Eclipse of 2021: 32 Million Witness the Mystical, $1.5bn Spectacle Sweep Across North America
New shopping experience…
New world, new reality, let’s get used to it
UK Company Passes Milestone in Developing Space-Based Solar Power, Aiming to Power a Million Homes and Provide Constant Energy
Mexico Breaks Diplomatic Ties with Ecuador after Police Storm Embassy, Arrest Former Vice President
Monty Python were so ahead of their time
If there's a will, there's a way!
Rules about how to dress are important, but not so much if you have a lot of money.
Body Armor Firm Showcases Stab-Proof Vest in Demo on CEO
Mexico Cuts Diplomatic Ties with Ecuador After Embassy Stormed in Quito
Here is a tattoo idea, for engineers
Zoraya Ter Beek, a 28-year-old woman from the Netherlands, will undergo euthanasia in May due to severe mental health challenges
Here's a video featuring Fidel Castro, where he discusses his stance against war and his commitment to preserving life, positions that have put him at odds with the USA:
Woman reaches behind and steals gun from a security guard and shoots three people while getting detained in Chile
Take a walk around the safe and thriving downtown San Salvador.
Joe Biden criticised by Trump campaign for declaring Transgender Day of Visibility on Easter Sunday
Macron says France will help Brazil develop nuclear-powered submarines
A video demonstrating women's self defense class in 1930
×