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On Tuesday, President Joe Biden signed into law a bipartisan bill aimed at making America more competitive with China by investing billions in domestic semiconductor manufacturing and scientific research.
“Today is Builder’s Day. Today America is doing great,” Biden said at a signing ceremony outside the White House. He was joined by a crowd of hundreds, including tech company executives, trade union presidents, and political leaders from both parties.
invoiceCalled the Chips and Science Act . It also provides tens of billions of dollars to fund scientific research and development and spur innovation and development in other US technologies.
The Biden administration also claimed that the legislation would add “hundreds of billions of dollars more” to private spending for the industry. The White House said Tuesday that several companies have been “spurred” by the chip bill, announcing more than $44 billion in new semiconductor manufacturing investments.
US President Joe Biden (C) signs HR 4346, the CHIPS and Science Act of 2022, on the South Lawn of the White House in Washington, DC, August 9, 2022.
Mandel Gunn | Afp | Getty Images
Of that total, $40 billion is microninvestment in memory chip manufacturing. The White House said the company’s initiative will create 8,000 new jobs for him and increase Memory’s U.S. market share of chip production from his 2% to 10%.
Newly announced partnership Qualcomm When global foundriesMeanwhile, according to the White House, the expansion of GlobalFoundries’ upstate New York facility includes $4.2 billion in chip production.
Proponents say the money is needed to sharpen America’s technological edge and revitalize its lagging semiconductor industry. The United States produces only about 10% of the world’s semiconductor supply, while East Asia accounts for her 75% of global production, according to the White House.
Semiconductors are an important part of a range of products including consumer electronics, automobiles, medical devices and weapons systems. The Covid-19 pandemic has caused chip shortages and supply chain tensions, highlighting America’s reliance on foreign-made chips and revealing potential national security threats.
The signing comes before Biden and Democrats in Congress wrap up a string of activities that will see lawmakers out of Washington for the rest of this month to turn their attention to the midterm campaign.
Senate Democrats on Sunday passed sweeping legislation to fund ambitious climate, energy and health policies by increasing taxes on wealthy businesses and reforming prescription drug pricing. A major piece of Biden’s agenda that Democrats have been working on for over a year, the bill passed with a creak without Republican support in a Congress evenly split by party. Vice President Kamala Harris tied the vote.
In late June, Biden also signed into law a bipartisan bill to tighten gun control, including tightening background check requirements. It passed Congress following the shooting that killed a student and two teachers.
And last week, Biden revealed that a US strike in Afghanistan killed al-Qaeda supreme leader Ayman al-Zawahiri, who was believed to be the mastermind behind the 9/11 terrorist attacks.
Mr. Biden plans to sign another bill this week that would boost health benefits for veterans exposed to the chemicals erupting from toxic burns.
The bill passed with overwhelming bipartisan support after being briefly blocked by Republicans. The move drew outrage from some veterans groups and comedian Jon Stewart, who has emerged as a major supporter.
Biden’s already moderate approval ratings have fallen in recent months as global inflation and supply chain problems hit American wallets at grocery stores and gas stations. The unpopularity, combined with a tough political map and other political headwinds, has raised concerns among Democrats that the November midterm elections could result in Republicans taking control of one or both houses of Congress. I’m provoking
But latest poll shows Democrats likely to keep Senate improvedand Biden predicted on Monday that passage of climate and tax bills would “help immediately” in the midterm elections.