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Republicans are split on a major bill aimed at boosting the U.S. semiconductor industry, with some alleging that the legislation reeks of corporate welfare and others arguing it’s key to helping the U.S. compete with China.
The legislation cleared a procedural vote 64-34 Tuesday night, with 16 Senate Republicans voting for it.
The base of the bill is $52 billion in funding for the U.S. semiconductor industry, which makes computer chips that power everything from cars to smartphones. But it’s also growing, with many other provisions being added related to competing with China on research, intellectual property and more – and the bill is on pace to possibly exceed $200 billion.
Those who support it say it will be a boon for U.S. competition with China, while Republicans opposed to it say the bill will be counterproductive to that goal.
Sen. Todd Young, R-Ind., has been the driving force behind GOP efforts to pass a bill aimed at boosting competition with China.
(Photo by Sarah Silbiger-Pool/Getty Images)
SEMICONDUCTOR CHIP BILL PART OF CONGRESS’ ‘FLURRY OF BIPARTISAN ACTIVITY’: AXIOS REPORTER
“Tonight’s procedural vote is an important first step toward the Senate passing a robust ‘CHIPS Plus’ package,” Rep. Todd Young, R-Ind., who was the driving GOP force behind the legislation for months, tweeted Tuesday. “The strong bipartisan vote shows there is broad support for including the USICA provisions critical to our national security and ability to outcompete China.”
“The latest version of Chuck Schumer’s fake China bill would boost inflation and despite Democrat’s claims, much of those taxpayer dollars will end up funding semiconductor factories in communist China, not at home,” Republican Study Committee Chairman Rep. Jim Banks, R-Ind., said.
Heritage Foundation Vice President Garrett Bess said in an interview with Fox News Digital Wednesday that the bill lacks proper oversight for the…
Source : foxnews
