Biden, who is still recovering from COVID-19, held a virtual roundtable with members of his administration and industry leaders about the merits of the bill.
WASHINGTON — Calling semiconductors “the building blocks for the modern economy,” President Joe Biden on Monday asked Congress to move quickly and send him a bipartisan bill designed to boost the computer chips industry and high-tech research in the United States.
The pandemic has underscored how much the United States relies on semiconductor manufacturers abroad to provide the chips used in automobiles, computers, appliances and weapons systems. The Biden administration has been warning lawmakers they need to act before leaving for their August recess to ensure the companies invest in U.S. fabs instead of building the plants elsewhere., held a virtual roundtable with members of his administration and industry leaders about the merits of the bill.
The leaders of Medtronic, a medical device maker, as well as Cummins Inc. and defense contractor Lockheed Martin, pitched the president on the need for the bill as well. Overall, the bill would increase U.S. deficits by about $79 billion over the next 10 years, according to the Congressional Budget Office. The bill also authorizes about $200 billion to advance high-tech research in the U.S. over the coming decade. Congress must approve that funding as part of future spending bills and the CBO did not include that research money in its deficit projection.
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