Semiconductor manufacturing and global technology will be a focus on Capitol Hill next week.
Senate Democratic Leader Chuck Schumer has scheduled an all-senators classified briefing on global innovation and a proposed bill to boost U.S. semiconductor manufacturing, according to his office.
Senate Republican Leader Mitch McConnell has already threatened to block the bill that would provide $52 billion to subsidize U.S. semiconductor manufacturing and boost U.S. competitiveness with China if Democrats move forward with a social spending and climate bill.
The briefing is planned for Wednesday.
White House spokeswoman Karine Jean-Pierre said Wednesday the Biden administration wants Congress to move quickly, noting Intel Corp announced it will invest $20 billion to open semiconductor factories in Ohio “and that could expand to as much as $100 billion” if Congress passes chips subsidies.
The Senate legislation, passed in June 2021, included $52 billion for chips subsidies and authorized another $200 billion to boost U.S. scientific and technological innovation to compete with China.
The House version, passed in February, is similar but nearly 3,000 pages long and includes a number of trade proposals not in the Senate bill.
A nationwide semiconductor chip shortage has affected several industries, with chips used in everything from cars to smartphones, TVs, refrigerators and more.
Lawmakers are concerned that without Congressional action, major investments in new U.S. chip production could be jeopardized.
Reuters contributed to this report.