to work out the differences between the House and Senate versions of the United States Innovation and Competition Act, in which Sen. John Cornyn, R-Texas, and Rep. Eddie Bernice Johnson, D-Dallas, have emerged as leaders.
A sprawling piece of legislation designed to spur innovation across the U.S.economy, the bill would give the Commerce Department $52 billion to expand domestic chip manufacturing. A recent survey by the Commerce Department found that U.S. chip inventories had fallen almost 90 percent over the past two years, as demand rises globally.
"Chip companies are going to have to expand. The question is do they do it in the U.S. or in Europe or Asia," Raimondo said."If congress doesn't move now, were going to lose out forever." Democrats and Republicans have largely come to agreement on the funding for chip manufacturing. But other components of the legislation are driving discord.of the legislation that included money for a United Nations fund to aid nations battling climate change, as well as creating new visas for immigrants.
"The House bill also includes additional handouts to favored political constituencies," Cornyn said on the senate floor."The Senate bill needs to be the template for what is ultimately done by the conference committee and what is ultimately passed by the United States Congress.”
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