White Houses pushes for chips funding as Intel loses patience

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With time running out before the August recess, the White House is pushing hard to get funding for the bill.

Secretary of Commerce Gina Raimondo briefed senators on the importance of chip funding on Wednesday. Raimondo urged Congress to pass the chip manufacturing incentives on its own.

Secretary of Commerce Gina Raimondo told CNN that the message was "time's up". It is time to get it done.

The US innovation and competition act includes more than $50 billion for companies manufacturing in the US. The bill failed to get a vote in the House due to concerns about how it would change federal research and development subsidies.

In Ohio, Intel was planning to spend $20 billion to build a new chip manufacturing facility. The groundbreaking was supposed to take place on July 22nd but has been put on hold.

If the funding isn't approved, the project will likely move to Europe, according to Intel CEO Pat Gelsinger.

If this doesn't pass, I will change my plans The Europeans are ready to give us incentives to move forward.

If Democrats approve the chips funding as part of the reconciliation package, McConnell will block it. McConnell said last month that there wouldn't be a bipartisan USICA if Democrats pursued a reconciliation bill.

The funding is expected to have a broad impact on the industry, despite the fact that the tech industry has unanimously supported it. More than 50 executives wrote a letter to congressional leadership in support of the funding.

Semiconductors are essential to almost all sectors of the economy. Demand for these critical components has outpaced supply, causing a global chip shortage and losing jobs in the economy.

Raimondo is going to be briefed on the bill in the House. Lawmakers are coalescing around the path of passing CHIPS immediately and then fighting another day on the rest of it, according to Raimondo.