Senate takes up Chips Act to subsidize semiconductor chip production
CBSN
The Senate on Tuesday is taking up a bill that would provide subsidies for the production of semiconductor chips, technology the Biden administration says is critical to the United States' economy and national security. The Senate is holding a procedural vote before voting on final passage.
The CHIPS for America Act, short for the Creating Helpful Incentives to Produce Semiconductors for America Act, would designate $52 billion in subsidies and offer an investment tax credit to encourage semiconductor companies to boost manufacturing in the U.S. President Biden held a virtual meeting Monday with CEOs and labor leaders to discuss the bill, to send the message that the U.S. relies too heavily on China for chips that power electronics, medical supplies and defense equipment. The president wants to sign the bill as soon as possible.
Mr. Biden has also made the case that increasing semiconductor production "here at home" will help fight inflation.
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