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Key Republicans are punching holes in a $52 billion stimulus for US semiconductor manufacturers included in Congress’ massive budget. Chinese Competition law as the Senate prepares to move the law forward and into a tough round of deliberation with the House.
Industry leaders say the measure is vital so U.S. manufacturers can compete with Chinese and other foreign manufacturers. And lawmakers on both sides of the aisle have cited the recent semiconductor shortage as proof that Congress needs to act fast.
But you. Rick ScottThe Florida Republican said the measure meant massive government assistance to a highly profitable industry with little return for the taxpayer.
“Where is the turn?” I keep asking. “Mr. Scott said Wednesday. “I’m sick and tired of all these bills. You can’t get anything back. We’re wasting people’s money and getting absolutely nothing back.”
he is As senior industry executives sued over how the increase would benefit their companies, Mr. Scott He said none of them explained how the increase would benefit the taxpayer.
For many Republicans, the $52 billion boost to semiconductor manufacturing continued to be one of the tastiest provisions included in both versions of the omnibus. Chinese competing bills that have passed Congress over the past year.
The Senate’s $250 billion US Innovation and Competition Act was passed in June with the support of 18 Republicans and 50 Democrats.
The $335 billion Home-equivalent America’s COMPETITION Act is a shambles that includes $8 billion to help developing countries address climate change, financing to make the U.S. less reliant on Chinese solar technology, and $45 billion to support U.S. supply chains. contains.
House Republicans opposed the bill, which passed 222 to 210 last month, as a “foreign policy failure” that diverted taxpayer dollars to an “inaccurate UN slush fund”.
President Biden pressured Congress to pass comprehensive legislation as soon as possible, but after months of delay, the Senate this week began the process of launching final negotiations to resolve key differences between the two versions.
Senior executives of leading US semiconductor manufacturers urged members of the Senate Commerce Committee on Wednesday to quickly pass the measure.
“Our economic and national security depends on semiconductors,” Patrick Gelsinger, Intel Corp.’s Chief Executive Officer, told committee members. “Digital transformation has led to unprecedented demand for chips, which has been made sharper by the COVID pandemic and global disruptions to our supply chain. The chip shortage cost the US economy $240 billion last year. We now expect the famine to continue until at least 2024. ”
But Mr. Scott He said executives still fell short of showing a significant plus for taxpayers.
You want us to spend 52 billion dollars, but nobody comes back and says, ’52 billion dollars is ok, this country’s taxpayers will get a certain dollar back’. Scott He told the executives during the trial. “If none of you were trustees, you wouldn’t say, ‘I’ll do it without compensation’.”
Mr. Gelsinger backed off, saying that the investment would bring revenue to the states, adding that it was “about getting this industry back from Asia to American soil.”
“It’s also about national defense,” he said. “These are policy issues for the nation that go far beyond the economic direct benefits associated with it.”
During the hearing, Mr. Scott he also pressured Mr. Gelsinger to apologize to the Chinese Communist Party in December after a letter from Intel telling them not to supply products or services to its suppliers. ChineseIt became law in the Xinjiang region after President Biden signed the Uyghur Forced Labor Prevention Act.
Mr Gelsinger was on the side of the movement when pressed.
“Our letter makes it clear that we do not support slave labor anywhere in the world,” said Mr Gelsinger. “But as a global letter, we shouldn’t have addressed a specific region.”
Mr. Scott He was angry at the answer.
“he is defended with apology Chinese above our sanction,” he said. Scott He spoke to reporters after the hearing. “he is argued. And then he is ‘Well, we’re going to be a global company,’ he said, which means when Taiwan is invaded, he iswill continue to do business. It’s an American company that has decided it’s not an American company to me.”
Mr. Scott Wisconsin Republican Senator Ron Johnson participated in a discussion with reporters after the hearing, where both Senators discussed the shortcomings they saw in the bills.
Mr. Scott He said it shouldn’t fall on US taxpayers to encourage American companies to stop manufacturing. Chinese.
“If you buy a house in a bad neighborhood and it gets worse, whose fault is it?” he is said. “It’s yours. It’s not our government’s fault. They’re investing their money in a bad neighborhood: Chinese. I am not saving them. It’s a bad neighborhood.”
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