The House of Representatives plans to vote on the 'Chips and Science' act on July 28 after the Senate passes it on a 64 to 33 bipartisan vote.
WASHINGTON, DC, USA – The US Senate on Wednesday, July 27, passed sweeping legislation to subsidize the domestic semiconductor industry, hoping to boost companies as they compete with China and alleviate a persistent shortage that has affected everything from cars, weapons, washing machines, and video games.
The legislation would also authorize more than $170 billion over five years to boost US scientific research to better compete with China. Congress would still need to pass separate appropriations legislation to fund those investments. The Chinese Embassy in Washington said China “firmly opposed” the bill which it said was “entrenched in the Cold-War and zero-sum game mentality and runs counter to the common aspiration of people from all sectors in China and the US to strengthen exchanges and cooperation.”
Lawmakers said they normally would not support hefty subsidies for private businesses but noted that China and the European Union have been awarding billions in incentives. They also cited national security risks.
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