{"id":1577354,"date":"2022-07-28T18:40:20","date_gmt":"2022-07-28T22:40:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1577354"},"modified":"2022-07-28T18:40:33","modified_gmt":"2022-07-28T22:40:33","slug":"u-s-congress-passes-long-awaited-bill-to-boost-chipmakers-compete-with-china","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-congress-passes-long-awaited-bill-to-boost-chipmakers-compete-with-china\/","title":{"rendered":"U.S. Congress passes long-awaited bill to boost chipmakers, compete with China"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fu-s-congress-passes-long-awaited-bill-to-boost-chipmakers-compete-with-china%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1577354&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By David Shepardson and Patricia Zengerle<\/p>\n<p>WASHINGTON (Reuters) \u2013     The U.S. House of Representatives passed sweeping legislation on Thursday to subsidize the domestic semiconductor industry as it competes with Chinese and other foreign manufacturers, a victory for President Joe Biden and his fellow Democrats hoping to keep their slim majority in Congress in November midterm elections.<\/p>\n<p>The final vote was 243 to 187, with one Democrat \u2013 Representative Sara Jacobs \u2013 voting present. Twenty-four Republicans joined 218 Democrats in backing the measure. Passage sends the bill to the White House, where Biden is expected to sign it into law as soon as early next week.<\/p>\n<p>The Senate passed the \u201cChips and Science\u201d act with bipartisan support on Wednesday, after more than a year of effort. A rare major foray into U.S. industrial policy, the bill provides about $52 billion in government subsidies for U.S. production of semiconductors used in everything from automobiles and high-tech weaponry to electronic devices and video games. It also includes an investment tax credit for chip plants estimated to be worth $24 billion.<\/p>\n<p>The legislation would also authorize $200 billion over 10 years to boost U.S. scientific research to better compete with China. Congress would still need to pass separate appropriations legislation to fund those investments. <\/p>\n<p>The bill passed hours after Biden had a telephone call with Chinese President Xi Jinping, in which Xi warned Biden against \u201cplaying with fire\u201d over Taiwan. Aides had said the leaders of the world\u2019s two largest economies also would discuss supply chain and other economic issues.<\/p>\n<p>China had lobbied against the semiconductor bill. The Chinese Embassy in Washington said China \u201cfirmly opposed\u201d it, calling it reminiscent of a \u201cCold War mentality\u201d and \u201ccounter to the common aspiration of people\u201d in both countries.<\/p>\n<p>HEFTY SUBSIDIES FOR PRIVATE BUSINESS<\/p>\n<p>Many U.S. lawmakers had 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 to their chip companies. They also cited national security risks and huge global supply chain problems that have hampered global manufacturing.<\/p>\n<p>Representative Michael McCaul, the top Republican on the House Foreign Affairs Committee, was one \u201cyes\u201d vote from his party. \u201cWe need to manufacture (chips) in this country, and not let it go offshore,\u201d he told reporters before the vote.<\/p>\n<p>\u201c\u2026 This is vitally important to our national security,\u201d McCaul said.<\/p>\n<p>At the White House, Biden interrupted a meeting on the economy with corporate executives when told the House had passed the chips bill. \u201cThe House has passed it,\u201d Biden said, looking delighted, to applause in the room.<\/p>\n<p>House members cheered after the bill passed. The measure had been in the works for more than a year. The Senate passed a bill in June 2021 with strong bipartisan support, only to have it stall for months in the House as Republicans and Democrats disputed whether it should include provisions addressing issues such as climate change and China\u2019s human rights record. <\/p>\n<p>The chips bill passed the House by a narrower-than-expected margin after some Republicans pulled support at the last minute.<\/p>\n<p>Republican party leaders told members to vote against the bill after the announcement on Wednesday of an agreement between Senate Democratic leader Chuck Schumer and Democratic Senator Joe Manchin that could pave the way for Senate passage of  separate legislation to increase corporate taxes, reduce the national debt, invest in energy technologies and lower the cost of prescription drugs.<\/p>\n<p>Democrats hope such legislative achievements will help them in the Nov. 8 midterm elections. Republicans hope to regain control of the Senate, and some polls have them favored to win a majority in the House of Representatives.<\/p>\n<p> (Reporting by Patricia Zengerle and David Shepardson; Editing by David Gregorio)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2731605\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6R0RY-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6R0RY-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By David Shepardson and Patricia Zengerle WASHINGTON (Reuters) \u2013 The U.S. House of Representatives passed sweeping legislation on Thursday to subsidize the domestic semiconductor industry as it competes with Chinese<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1577354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1577354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1577354"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1577354\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1577354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1577354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1577354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}