Senate takes up Chips Act to subsidize semiconductor chip production
CBSN
The Senate on Tuesday is taking up a bill that would provide subsidies for the production of semiconductor chips, technology the Biden administration says is critical to the United States' economy and national security. The Senate is holding a procedural vote before voting on final passage.
The CHIPS for America Act, short for the Creating Helpful Incentives to Produce Semiconductors for America Act, would designate $52 billion in subsidies and offer an investment tax credit to encourage semiconductor companies to boost manufacturing in the U.S. President Biden held a virtual meeting Monday with CEOs and labor leaders to discuss the bill, to send the message that the U.S. relies too heavily on China for chips that power electronics, medical supplies and defense equipment. The president wants to sign the bill as soon as possible.
Mr. Biden has also made the case that increasing semiconductor production "here at home" will help fight inflation.
Rodeo star Spencer Wright and his wife are making end-of-life preparations for their 3-year-old son after he was found unconscious in a creek, a close family friend said in updates posted on social media and confirmed to CBS affiliate KUTV. The boy had been playing on his tractor before he ended up in the water and a mile downstream.
The launch of Boeing's star-crossed Starliner spacecraft on its first piloted test flight is slipping to at least June 1 to give engineers more time to assess a small-but-persistent helium leak in the capsule's propulsion system, and its potential impact across all phases of flight, NASA announced Wednesday.
Washington — As former President Donald Trump's "hush money" criminal trial in New York proceeds to closing arguments next week, the legal focus is moving south. His attorneys and longtime aide Walt Nauta appeared before Florida federal Judge Aileen Cannon, where they sparred with prosecutors during two contentious, day-long hearings on Wednesday.