JUST IN: The Senate has voted to advance a roughly $280 billion package to boost funding for domestic chip production.
The Senate voted 64-32 Tuesday to advance a roughly $280 billion package to boost funding for domestic chip production, a priority for the Biden administration and companies like Intel and IBM.The bill is meant to entice companies to expand chip manufacturing in the U.S., reducing the risk of the supply chain disruptions that hampered production of everything from cars to appliances and helping the U.S. compete overseas, particularly with China.
$11 billion for the Department of Commerce to create 20 "regional technology hubs" focused on technology development and manufacturing.This version of the bill is similar to what the Senate passed last year, and lacks many of the provisions the House included in its version.After a final vote in the Senate, the bill will head to the House, which faces a short timeline for a vote before the August recess begins next week.
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