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May 14, 2021 04:40 pm

US Senators Close To Announcing a $52 Billion Chips Funding Deal

A group of U.S. senators are close to unveiling a $52-billion proposal Friday that would significantly boost U.S. semiconductor chip production and research over five years, Reuters reported today, citing sources briefed on the matter. From the report: Senators Mark Kelly, John Cornyn, Mark Warner and Tom Cotton have been negotiating a compromise measure to address the issue in the face of rising Chinese semiconductor production and shortages impacting automakers and other U.S. industries. Sources said there remains at least one sticking point over whether to include a provision on labor rates. The chips funding is expected to be included in a bill the Senate will take up next week to spend more than $110 billion on basic U.S. and advanced technology research to better compete with China. The proposal includes $49.5 billion in emergency supplemental appropriations to fund the chip provisions that were included in this year's National Defense Authorization Act, but which require a separate process to garner funding, according to a draft summary seen by Reuters. Democratic Leader Senator Chuck Schumer, also involved in the talks, said Thursday the Senate will take up the technology bill known as the Endless Frontier Act next week in a package of legislation that would include efforts to "invest in the American semiconductor industry, ensure that China pays a price for its predatory actions, and boost advanced manufacturing, innovation, and critical supply chains."

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