US Senate to vote as soon as Tuesday on slimmed-down China chip bill

Voting in the Senate on a bill to boost the US semiconductor industry and improve competitiveness with China could begin as early as Tuesday, Senate Majority Leader Chuck Schumer has been telling lawmakers, a source familiar with the issue said on Thursday.

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The source said the bill would include, at a minimum, billions of dollars in subsidies for the semiconductor industry and an investment tax credit to boost US manufacturing.

Lawmakers hope to pass the legislation and send it to the White House for President Joe Biden to sign into law before they leave Washington for their annual August recess.

"We want as robust of a bill as possible," US Commerce Secretary Gina Raimondo told reporters following a closed briefing with some members of the House of Representatives. But when asked if a scaled-back measure would be acceptable, Raimondo replied: "If that's what the members of both the House and the Senate feel is possible, then let's get it done."

Citing national security concerns if legislation were to continue to languish, Raimondo said, "We are out of time."

The planned legislation would be a condensed version of a bill the Senate passed in June 2021 that included US$52 billion for chip subsidies and authorized another US$200 billion to boost US scientific and technological innovation to compete with China.

But that bill never became law. The House of Representatives never took it up, instead passing its own version in February similar to the Senate's measure but also included a number of trade proposals.