President Joe Biden is scheduled to sign the CHIPs Act into law on Tuesday, providing $280 billion in funding to attract more chip manufacturers to the U.S.
The bill includes incentives and grants for producers of microchips. The Congressional Budget Office projected the bill would add $80 billion to the federal deficit.
The bill passed by a 64-33 margin, with Sen. Bernie Sanders joining 32 Republicans in opposition to the bill. The bill then went to the House, where the entire Democratic majority and 24 Republicans approved the bill. “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,” Biden said. “It also will create jobs – good-paying jobs right here in the United States.
In return, the legislation would supply $369 billion in spending to address climate change and an additional $64 billion to grow the Affordable Care Act.
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