WASHINGTON:A victory for President Joe Biden and his fellow Democrats hoping to maintain their slim majority in Congress in the November midterm elections came on Thursday when the US House of Representatives passed comprehensive legislation to subsidise the domestic semiconductor industry as it competes with Chinese and other foreign manufacturers.
With one Democratic representative, Sara Jacobs, voting present, the total result was 243 to 187. The measure received support from 218 Democrats and 24 Republicans. The package is now on its way to the White House, where Vice President Biden is anticipated to sign it into law as soon as next week.
After more than a year of work, the “Chips and Science” measure was finally approved by the Senate on Wednesday with strong bipartisan support. The plan offers approximately $52 billion in government subsidies for American semiconductor manufacture, which is used in everything from cars and high-tech weapons to electronic devices and video games. This is a rare significant entrance into U.S. industrial policy. Additionally, it contains a $24 billion investment tax credit for chip factories.