CONGRESS OKS BILL TO AID COMPUTER CHIP FIRMS, COUNTER CHINA

The House passed a $280 billion package to boost the semiconductor industry and scientific research in a bid to create more high-tech jobs in the United States and help it better compete with international rivals, namely China.

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The House approved the bill by a solid margin of 243-187, sending the measure to President Joe Biden to be signed into law and providing the White House with a major domestic policy victory. Twenty-four Republicans voted for the legislation.

“Today, the House passed a bill that will make cars cheaper, appliances cheaper, and computers cheaper,” Biden said. “It will lower the costs of every day goods. And it will create highpaying manufacturing jobs across the country and strengthen U.S. leadership in the industries of the future at the same time.”

As the vote was taking place, Biden was discussing the economy with CEOs at the White House. During the event, he was handed a note informing him it was clear the bill would pass — a development that produced a round of applause before the tally was final.

Republicans argued the government should not spend billions to subsidize the semiconductor industry and GOP leadership in the House recommended a vote against the bill, telling members the plan would provide enormous subsidies and tax credits “to a specific industry that does not need additional government handouts.”

Rep. Guy Reschenthaler, R-Pa., said the way to help the industry would be through tax cuts and easing federal regulations, “not by picking winners and losers” with subsidies — an approach that Rep. Joseph Morelle, D-N.Y., said was too narrow.