Biden meets CEO, workers; backs law to boost U.S. chip production


 President Joe Biden meets with CEOs of Lockheed Martin, Medtronic, Cummins. Meeting is part of administration's push for legislation to boost U.S. semiconductor industry. Senate Democratic Majority Leader Chuck Schumer says he is delaying procedural vote until 11 a.m. ET on Tuesday.


The bill includes roughly $52 billion in subsidies for U.S. semiconductor production. The Senate passed procedural measures on a watered-down bill by a vote of 64 to 34. Lockheed Martin CEO James Tecklet told Biden that an adequate supply of chips is 'essential to national security'


The law aims to alleviate shortages that have disrupted production in industries such as automobiles, consumer electronics, medical equipment and high-tech weapons. It is part of a broader government-wide effort to counteract a rising China and address supply chain problems by reducing U.S. companies' reliance on foreign-made semiconductors.


Senator Bernie Sanders slammed the legislation, calling it a 'blank check' for the chip industry. Biden dismissed criticism that the legislation was a handout to big companies, noting that trade would be able to recover money from companies that failed to meet their obligations. In June 2021, the Senate approved a bipartisan $250 billion bill that would increase spending on technology research.


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