Biden administration to invest $8.5 billion in Intel's computer chip plants in four states
CBSN
The Biden administration has reached an agreement to provide Intel with up to $8.5 billion in direct funding and $11 billion in loans for computer chip plants in Arizona, Ohio, New Mexico and Oregon. Intel said the new funding, as well as additional investments, will create a combined 30,000 manufacturing and construction jobs.
President Joe Biden plans to talk up the investment on Wednesday as he visits Intel's campus in Chandler, Arizona, which could be a decisive swing state in November's election. He has often said that not enough voters know about his economic policies and suggested that more would support him if they did know.
The funding will come from the bipartisan CHIPS and Science Act, a law signed by Biden in 2022 to invest $200 billion in domestic production of semiconductor computer chips with the goal of reducing U.S. dependence on overseas chip manufacturers.
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