The White House unveiled almost $20 billion in new grants and loans Wednesday to support Intel's US chip-making facilities, marking the Biden administration's largest funding announcement yet as it tackles China's dominance of the crucial technology.
Winning it in 2024 could prove crucial for Biden, who faces a tough reelection fight as he seeks to convince voters still skeptical about his economic record, despite strong recent growth and job creation data, persistently low unemployment, and slowing inflation. It puts the US on track to meet its target of producing 20 percent of the world’s cutting-edge chips by 2030, up from zero percent today, she added.
The tax credit is linked to a separate Biden administration policy — also adopted in 2022 — called the Inflation Reduction Act.“Intel’s investment is an exciting part of America’s comeback story, with leading edge semiconductor manufacturing coming back to America for the first time in 40 years,” Biden’s National Economic Advisor Lael Brainard told reporters on the same call.
A suspect in the theft of about 8.2 million euros in cash from a money transport company has returned herself to German police from Turkey. The suspect, a 31-year-old woman, was taken into police custody at the Bremen Airport on Tuesday night, police announced on Wednesday.
Source: News Formal (newsformal.com)
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