WASHINGTON—
As the vote was taking place, Biden was discussing the economy with CEOs at the White House. During the event, he was handed a note informing him it was clear the bill would pass—a development that produced a round of applause before the tally was final. “This affects every industry in the United States,” Morelle said. “Take, for example, General Motors announcing they have 95,000 automobiles awaiting chips. So, you want to increase the supply of goods to people and help bring down inflation? This is about increasing the supply of goods all over the United States in every single industry.”
The bill provides more than $52 billion in grants and other incentives for the semiconductor industry as well as a 25 percent tax credit for those companies that invest in chip plants in the US. It calls for increased spending on various research programs that would total about $200 billion over 10 years, according to the Congressional Budget Office .
Rep. Kevin McCarthy, the Republican leader in the House, likened the bill’s spending to “corporate welfare to be handed out to whoever President Biden wants.”
Source: News Formal (newsformal.com)
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