The Senate has passed a bill that's designed to encourage more semiconductor companies to build chip plants in the United States. The $280 billion measure,...
as lawmakers try to wrap up business before returning to their home states and districts in August.
“I’m all for using the tax code to incentivize manufacturers to build semiconductors in America, but when the federal government simply gives billions of taxpayer dollars directly to massive corporations, it invites cronyism and corruption,” Cruz said. “Corporate welfare is the wrong approach to solving a serious problem.”
Senate Majority Leader Chuck Schumer, D-N.Y., said the bill represented one of the nation’s largest investments in science and manufacturing in decades and that with the Senate’s approval, “we say that America’s best years are yet to come.” of the bill’s price tag. It is projected to increase federal deficits by about $79 billion over 10 years.
The bill has been in the works for years, starting with efforts by Schumer and Sen. Todd Young, R-Ind., to increase the government’s investment in high tech research and development. While the bill has taken several twists and turns, one constant theme that lawmakers repeatedly emphasized during Wednesday’s debate was the need to keep up with China’s massive investments in cutting-edge technology.
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