Biden-Backed CHIPS Subsidy Bill Dubbed “Corporate Welfare” and “A Blank Check” by Sanders

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Gage Skidmore https://commons.wikimedia.org

On Wednesday, the U.S. Senate passed the Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science act in a bipartisan vote of 64-33.

If support in the House moves it into law, the legislation will subsidize semiconductor and microchip manufacturing in the U.S. It would dedicate $52 billion for computer chip-making companies and give $24 billion in tax credits while adding $170 billion in scientific research over the next five years.

Sen. Ron Johnson (R-WI) called the bill a waste of taxpayer money.

“It makes no sense whatsoever,” Johnson said in a Fox News interview. “We’re just throwing more money at the problem, which is what Washington does.”

Senator Mike Lee (R-UT) slammed the legislation suggesting the $75 billion could be used outside of the U.S.

President Joe Biden was pleased the bill passed and encouraged the House to pass the legislation ASAP.

Majority House Leader Chuck Schumer also praised the bill passing and the “good jobs” it will create “down the road.”

Sen. Bernie Sanders of Vermont was the only Democrat to vote against the bill.

The longest-serving Independent in Congress blasted the bill as “corporate welfare.” He hammered the $76 billion as a “blank check” to corporations that were already “enormously profitable.”

Rep. Thomas Massie (R-KY) agreed with Sanders on the bill being a “bribe” for semiconductor companies to stay in the U.S.

The House is expected to vote on the legislation sometime this week.