Senate passes bill to boost chip manufacturing

STORY: The Senate passed the long-awaited bill in a 64 to 33 bipartisan vote. The House of Representatives is expected to approve it as soon as later this week, which would send it to the White House for President Joe Biden to sign into law.

The long-awaited "Chips and Science" act provides about $52 billion in government subsidies for U.S. semiconductor production as well as an investment tax credit for chip plants estimated to be worth $24 billion.

The legislation would also authorize more than $170 billion over five years to boost U.S. scientific research efforts to better compete with China. Congress would still need to pass separate appropriations legislation to fund those investments.

"This legislation is the first large step in pulling out all of those stops so that we can stay number one," said the Senate's Democratic majority leader, Chuck Schumer.

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