Beautiful Virgin Islands

Thursday, Jun 26, 2025

U.S. Senate to vote as soon as Tuesday on slimmed-down China chip bill -source

U.S. Senate to vote as soon as Tuesday on slimmed-down China chip bill -source

Voting in the Senate on a bill to boost the U.S. semiconductor industry and improve competitiveness with China could begin as early as Tuesday, Senate Majority Leader Chuck Schumer has been telling lawmakers, a source familiar with the issue said on Thursday.
The source said the bill would include, at a minimum, billions of dollars in subsidies for the semiconductor industry and an investment tax credit to boost U.S. manufacturing.

Lawmakers hope to pass the legislation and send it to the White House for President Joe Biden to sign into law before they leave Washington for their annual August recess.

"We want as robust of a bill as possible," U.S. Commerce Secretary Gina Raimondo told reporters following a closed briefing with some members of the House of Representatives. But when asked if a scaled-back measure would be acceptable, Raimondo replied: "If that's what the members of both the House and the Senate feel is possible, then let's get it done."

Citing national security concerns if legislation were to continue to languish, Raimondo said, "We are out of time."

The planned legislation would be a condensed version of a bill the Senate passed in June 2021 that included $52 billion for chip subsidies and authorized another $200 billion to boost U.S. scientific and technological innovation to compete with China.

But that bill never became law. The House of Representatives never took it up, instead passing its own version in February similar to the Senate's measure but also included a number of trade proposals.

The overall plan - a priority for the Biden administration - more recently faced a new hurdle in the Senate, where it will need Republican support to move ahead.

Senate Republican Leader Mitch McConnell said on Monday that if Democrats pursue a separate partisan social spending, tax and climate bill, it "will certainly crowd out our ability" to move ahead the bipartisan chips and China competition measure.

Secretary of Defense Lloyd Austin issued a statement urging Congress to act. "Weapon systems employed on the battlefields of today and emerging technologies of tomorrow depend on our access to a steady, secure supply of microelectronics," he said.

The comments about Schumer's plans were consistent with what Raimondo told Reuters on Wednesday. She said lawmakers appeared to be moving to carve off the $52 billion in semiconductor chips manufacturing subsidies from the larger bill.

A shortage of chips has disrupted the automotive and electronics industries, forcing some companies to scale back production. Many companies think the shortage will last at least until late 2023.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
Russian Shadow Payments via Cryptocurrency Reach $9 Billion
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
×