US Senate passes massive corporate welfare bill for chip manufacturers

Source: CNBC

“The Senate on Wednesday passed bipartisan legislation … injecting tens of billions of dollars into the domestic production of semiconductor chips. The bill, known as the CHIPS-plus or Chips and Science Act, passed in a 64-33 vote. It will now head to the House, where lawmakers hope to pass it and send it to the White House for President Joe Biden’s signature before Congress leaves town in early August. … The package includes more than $52 billion for U.S. companies producing computer chips, as well as tax credits to encourage investment in chip manufacturing.” (07/27/22)