Schumer plans classified briefing for U.S. senators on chips, technology

U.S. Senate Greater part Chief Chuck Schumer (D-NY) looks at his notes as a further Democrat senator speaks to reporters following the Senate Democrats weekly plan lunch at the U.S. Capitol in Washington, U.S., May well 10, 2022. REUTERS/Elizabeth Frantz

WASHINGTON, July 7 (Reuters) – Senate Democratic Chief Chuck Schumer has scheduled an all-senators classified briefing on the world-wide innovation and know-how race and a proposed invoice to boost U.S. semiconductor production, his office environment explained on Thursday.

Senate Republican Chief Mitch McConnell threatened final 7 days to check out to block the monthly bill that would offer $52 billion to subsidize U.S. semiconductor production and enhance U.S. competitiveness with China if Democrats go ahead with a social spending and local weather bill.

The briefing planned for Wednesday from the Biden administration will aim “on the world-wide innovation and technology race and the bipartisan innovation bill which is crucial for America’s extended-expression national protection.”

White Household spokeswoman Karine Jean-Pierre reported Wednesday the Biden administration desires Congress to shift promptly, noting Intel Corp (INTC.O) announced it will commit $20 billion to open up semiconductor factories in Ohio “and that could grow to as substantially as $100 billion” if Congress passes chips subsidies.

The Senate legislation, passed in June 2021, included $52 billion for chips subsidies and licensed yet another $200 billion to boost U.S. scientific and technological innovation to contend with China.

The Dwelling version, handed in February, is very similar but almost 3,000 pages prolonged and includes a variety of trade proposals not in the Senate bill. Several Dwelling provisions are envisioned to be dropped.

Some anxiety Congress will not be equipped to get to a offer before the November congressional elections if it does not come to an settlement in the coming months.

A persistent scarcity of chips has disrupted the automotive and electronics industries, forcing some organizations to scale back again output. Commerce Secretary Gina Raimondo, who has been building phone calls in recent times to check out to advance the bill, and numerous companies believe the scarcity will last at the very least until late 2023 if not for a longer time.

Lawmakers warn some key investments in new U.S. chip manufacturing could be jeopardized without action from Congress.

Reporting by David Shepardson Modifying by Sandra Maler and Kim Coghill

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