Biden admin providing $1.5 billion to GlobalFoundries to make computer chips in New York and Vermont

autotldr Bot , 4 months ago

This is the best summary I could come up with:

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WASHINGTON (AP) — The Biden administration said Monday that the government intends to provide $1.5 billion to the computer chip company GlobalFoundries to expand its domestic production in New York and Vermont.

The law enables the government to invest more than $52 billion to revitalize the manufacturing of computer chips in the United States as well as advance research and development.

“The chips that GlobalFoundries will make in these new facilities are essential,” Commerce Secretary Gina Raimondo said on a call with reporters.

Senate Majority Leader Chuck Schume r, D-N.Y., was an architect of the law that enables the funding of chips factories, a technology that he said was as essential to the U.S. economy and national security as food.

He said in an interview with The Associated Press that the United States could be vulnerable to disruptions as it was during the coronavirus pandemic when auto plants lacked enough chips to keep making vehicles.

With a major election this year that puts control of the White House and Congress on the line, the health of the U.S. economy has been a serious concern.

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The original article contains 497 words, the summary contains 184 words. Saved 63%. I’m a bot and I’m open source!

nekandro OP , 4 months ago

Relevant:

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FreudianCafe , 4 months ago

The so called free market where you are free to do what the empire wants

sonori , 4 months ago

The US has always held the at protectionism is only bad when you do to the US what the US does to you.