Biden cheers Senate passage of semiconductor bill

Naomi Lim - 9h ago

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Biden cheers Senate passage of semiconductor bill

President Joe Biden has welcomed the Senate passing a $280 billion bill investing in the country's manufacturing and technology sectors, countering China's economic influence.

Biden described the CHIPS and Science Act, which has been known by a series of names as lawmakers debated it, as a "historic" measure that will "lower costs and create jobs."

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"As Americans are worried about the state of the economy and the cost of living, the CHIPS bill is one answer: it will accelerate the manufacturing of semiconductors in America, lowering prices on everything from cars to dishwashers," he wrote in a statement Wednesday. "It also will create jobs — good-paying jobs right here in the United States."

Biden additionally underscored the bipartisan bill's repercussions for national security and competitiveness, one day before he speaks with Chinese President Xi Jinping, the pair's first phone conversation since March.

"It will mean more resilient American supply chains, so we are never so reliant on foreign countries for the critical technologies that we need for American consumers and national security," he said. "I want to thank senators in both parties for their hard work on this legislation."

The measure will now be considered by the House, a much-needed legislative win for Biden before November's midterm elections when an average of 38% of the public approves of his job as president and 74% believe he is leading the country in the wrong direction, at least according to RealClearPolitics.

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"For decades, some 'experts' said we needed to give up on manufacturing in America," Biden added Wednesday. "I never believed that. Manufacturing jobs are back. Thanks to this bill, we are going to have even more of them. The House should promptly pass it and send this bill to my desk."

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