U.S. Democrats said on Tuesday they were hopeful of reaching a $52 billion bipartisan deal to subsidize U.S. semiconductor manufacturing and boost U.S. competitiveness with Chinese technology.
House Speaker Nancy Pelosi, Senate Majority Leader Chuck Schumer, both Democrats, met with House Republican Leader Kevin McCarthy and Senate Republican Leader Mitch McConnell to try to hammer out a compromise but did not announce an agreement.
Pelosi and Schumer issued a statement urging swift action and said they believed there was no reason the bill should not through Congress in July."Democrats have already made accommodations in the name of reaching an agreement, which we are optimistic can happen soon," they said.A persistent shortage of chips has disrupted the automotive and electronics industries, forcing some firms to scale back production.
The House version, passed in February, is nearly 3,000 pages long and includes a number of trade proposals not in the Senate bill. Some House provisions are likely to be removed for lack of approval in the Senate, officials say. Democrats have warned that major investments in new U.S. chip production could be jeopardized without action from Congress. Democratic Senator Mark Warner told Reuters last week "the clock is ticking.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden may soon back a gas tax holiday -- plus rebate cards -- to address pain at the pumpPresident Joe Biden said Monday he could make a decision as soon as this week on whether to support Congress instituting a pause on the federal gas tax of 18.4 cents
Read more »
Enough baby formula to make 19 million bottles headed to U.S. from IrelandAbout 750,000 cans of formula will be provided by Danone.
Read more »
GameStop's Pro Day is best time to upgrade your gaming setup | Digital TrendsAnyone looking for amazing gaming, PC, and accessory deals should definitely check out GameStop's Pro Days sale, happening right now!
Read more »
EY’s Breakup Plan Means Windfalls for PartnersErnst & Young's plan to split its audit and consulting businesses would give thousands of its partners multimillion-dollar payouts and relies on optimistic growth assumptions to justify the deal, according to company documents and people familiar
Read more »
Jan. 6 committee wants to talk to Pence and may subpoena himThe committee said it could soon subpoena high-profile figures as the hearings continue.
Read more »
Chainsaw Man Returns with Official Release Date for Part 2Tatsuki Fujimoto's ChainsawMan has finally announced the date of its official return to serialization in Weekly Shonen Jump. The acclaimed series returns July 13, as Denji attempts to embrace his new role as a 'superhero.'
Read more »