U.S. Congress passes long-awaited bill to boost chipmakers, compete with China

WASHINGTON: The U.S. House of Representatives passed sweeping legislation on Thursday to subsidize the domestic semiconductor industry as it competes with Chinese and other foreign manufacturers, a victory for President Joe Biden and his fellow Democrats hoping to keep their slim majority in Congress in November midterm elections.

The final vote was 243 to 187, with one Democrat – Representative Sara Jacobs – voting present. Twenty-four Republicans joined 218 Democrats in backing the measure. Passage sends the bill to the White House, where Biden is expected to sign it into law as soon as early next week.