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Congress Approves Bill to Subsidize U.S. Semiconductor Industry

HeadlineJul 29, 2022

The House of Representatives has sent the White House a $280 billion bill to support the U.S. semiconductor industry. Once signed by President Biden, the CHIPS Act will provide more than $76 billion in subsidies to corporations that produce semiconductor chips in the United States. All but one House Democrat voted in favor of the bill on Thursday. The vote came after Vermont independent Senator Bernie Sanders blasted the legislation as corporate welfare for a handful of wealthy high-tech companies.

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