Biden urged Congress to pass a $52 billion semiconductor bill.

President Biden on Monday urged Congress to approve a $52 billion payment to semiconductor manufacturers as lawmakers face a make-or-break week to finish the bill.

The White House, for weeks, has been in a full-court press to pass the measure, urging lawmakers to fend off China’s tough moves to bring the widely supported CHIPS Act to their desks. Stay, before the industry heavyweights take your money. Elsewhere

“Congress must pass this bill as soon as possible,” Mr. Biden said Monday during a virtual roundtable with CEOs and Cabinet leaders who cited economic and national security imperatives to pass the bill. talked about

“Listen to the business leaders here today and across the country,” he said. “They’re just deciding where to invest and ramp up production of these semiconductors. Are they going to invest in China, India, Japan, South Korea, the European Union? The U.S. is going to make these chips. I must lead the world.

Known as “Chips Plus,” the bipartisan bill includes more than $50 billion in chip manufacturing over the next five years and a 25% tax credit through 2026 for new chip manufacturing.

Proponents of the bill say it would reduce America’s dependence on China and solve a major supply chain problem that has fueled inflation. Opponents, including some Republicans and far-left icon Sen. Bernie Sanders of Vermont called the bill’s $50 billion in funding for the chip manufacturing industry “corporate welfare.”

Also see: Long-stalled bill to boost US microchip manufacturing heads up for key Senate vote

The bill also includes money for science-based initiatives, such as funding for the National Science Foundation, the Commerce Department and the Energy Office of Science.

Congress is running out of time to win a microchip for Mr. Biden. The House is scheduled to leave for its August recess later this week, and the Senate is expected to recess soon after.

Commerce Secretary Gina Raimondo, who this month spearheaded a national security mandate for domestic chip manufacturing on Capitol Hill, warned that the U.S. is running out of time to bring chipmakers to its shores because Other countries also started giving similar incentives.

Ms Raimondo said on Monday that Chips’ funding would be the “decisive factor” in where companies decide to expand.

Senate Democrats postponed a test vote on the bill scheduled for Monday and are expected to hold a vote on Tuesday. He blamed the delay on storms that prevented some senators from traveling to Washington on Monday.

The bill needs 60 votes to survive.

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The impasse was expected to clear despite the chamber’s 50-50 split between the parties and the absence of West Virginia Democrat Sen. Joe Manchin III, who announced Monday that he had tested positive for COVID-19.

Bipartisan support for the bill was demonstrated last week in a 64-34 vote in favor of the bill.

The expected approval would end months of tense negotiations over partisan differences that have almost completely derailed the legislation and left a White House hungry for any legislative victory ahead of the Nov. 8 midterm elections. And gave the Democrats a narrow victory.

“This is about investing in the United States of America, in our economy, in our workers and in our national security,” Ms. Raimondo said. We need Congress to act.

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