President Joe Biden signed the CHIPs Act into law on Tuesday, providing $280 billion in funding to attract more chip manufacturers to the US.
The bill includes incentives and grants for producers of microchips.
Both Arizona Senators strongly supported the bill and helped usher it through the Senate, saying it would help create jobs and address supply chain issues.
Sen. Kyrsten Sinema said the new law would benefit Arizonans into the future:
The Congressional Budget Office projected the bill will add $80 billion to the federal deficit.
“Arizonans continue to be concerned about rising prices, inflation, and empty store shelves. With our bipartisan bill now law we’re boosting semiconductor manufacturing in Arizona and investing historic resources in science and innovation – all of which will lower costs for families, strengthen our supply chains, support countless high-paying jobs, strengthen our national security, and stand the test of time. I’m proud of the lasting results our law delivers for Arizonans.”
~Sen. Sinema
Sen. Mark Kelly shared news of the law's passage via Twitter:
Today, after more than a year of hard work, our landmark microchip manufacturing bill was signed into law!
— Senator Mark Kelly (@SenMarkKelly) August 9, 2022
This will provide a boost for Arizona’s economy, lowering costs for families and creating thousands of high-paying jobs, many of which don’t require a four-year degree.
The bill passed by a 64-33 margin, with Sen. Bernie Sanders joining 32 Republicans in opposition to the bill. The bill then went to the House, where the entire Democratic majority and 24 Republicans approved the bill.
“As Americans are worried about the state of the economy and the cost of living, the CHIPS bill is one answer: it will accelerate the manufacturing of semiconductors in America, lowering prices on everything from cars to dishwashers,” Biden said. “It also will create jobs – good-paying jobs right here in the United States. It will mean more resilient American supply chains, so we are never so reliant on foreign countries for the critical technologies that we need for American consumers and national security.”
The CHIPs Act was among several recent legislative victories for Biden.
On Sunday, senators passed the Inflation Reduction Act. Democratic senators estimate that the legislation would reduce the federal deficit by $369 billion over the next 10 years by closing taxing loopholes, bolstering IRS enforcement and executing a minimum 15% corporate tax.
In return, the legislation would supply $369 billion in spending to address climate change and an additional $64 billion to grow the Affordable Care Act.
