A bill designed to encourage more semiconductor companies to build chip plants in the United States passed the Senate on Wednesday as lawmakers raced to finish work on a key priority of the Biden administration.
Senate Majority Leader Chuck Schumer, D-N.Y., said the bill represented one of the nation’s largest investments in science and manufacturing in decades and that with the Senate’s approval, “we say that America’s best years are yet to come.”of the bill’s price tag. It is projected to increase federal deficits by about $79 billion over 10 years.
“For decades, some ‘experts’ said we needed to give up on manufacturing in America. I never believed that. Manufacturing jobs are back,” Biden said. “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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