net_left adver left

Senate’s Bipartisan Chips Bill Would Add $79 Billion to US Deficit

Friday, July 22, 2022
Senate’s Bipartisan Chips Bill Would Add $79 Billion to US Deficit © Bloomberg. A 300 millimetre silicon wafer in the clean rooms at the Globalfoundries fabrication (fab) plant in Dresden, Germany, on Thursday, Feb. 11, 2021. The EU outlined a goal last year to produce at least one-fifth of the world’s chips and microprocessors by value, without giving details on how this would be achieved. Photographer: Liesa Johannssen-Koppitz/Bloomberg

(Bloomberg) -- The US Senate’s bipartisan bill to strengthen the nation’s technology sector in the face of Chinese competition was estimated Thursday to increase US budget deficits by $79 billion over a decade if enacted.

The nonpartisan Congressional Budget Office’s scoring of the package is in line with expectations, and isn’t expected to impair its chances for passage -- even if it hardens opposition among conservatives touting deficit concerns. The Senate on Tuesday opened debate on the bill by a tally of 64 to 34.

The CBO found that the draft bill would boost spending by $55 billion over 10 years, while reducing tax revenue by $24 billion.

The bill would funnel $52 billion in grants and subsidies to US semiconductor manufacturers as well as funding to 5G wireless networks. It would provide $3 billion for research activities. The bill contains a 25% tax credit for semiconductor manufacturing -- the source of the revenue loss.

Not included in the CBO score are provisions in the bill that call for $200 billion in additional research spending, but which don’t actually appropriate the funds from the Treasury to do that.

Voting Plans

Senate Majority Leader Chuck Schumer has moved the Senate toward a final vote on the package and has the support of House Speaker Nancy Pelosi, who said she expects a strong bipartisan vote in the House next week.

Schumer filed an amendment with bipartisan provisions to the bill on Wednesday night, setting up a vote as soon as Friday in the Senate. Senators eager to spend the weekend in their home states are likely to schedule final votes on the bill early next week.

Senator Rob Portman and some Republican allies are pushing for a vote to further amend the bill to include provisions bolstering security for sensitive research. Such an amendment would require all 100 senators to agree at this point, and some Democrats are arguing that opening the bill up for additional changes is a slippery slope that could invite endless tweaks.

However, Portman said he isn’t conditioning he support for the bill on getting his amendment.

Conservative Opposition

The conservative group Heritage Action urged Republicans to oppose the bill over the deficit spending.

“Not only does this bill further fuel Biden’s inflation fire by giving $52 billion in handouts to the profitable semiconductor industry, but it also fails to properly address Chinese espionage,” Heritage Action Executive Director Jessica Anderson said in a statement. “Most egregiously, the legislation does not bar companies that do business in China from receiving subsidies.”

Senator Mike Crapo, the top Republican on the Finance Committee, said he had opposed Tuesday’s initial procedural vote “because I saw this coming.” Nevertheless, Crapo had advocated for the bill’s tax credits for chipmakers.

“We can’t keep driving the deficit up,” Crapo said.

His GOP Senate colleague Todd Young, one of the bill’s chief proponents, said fellow Republicans should follow the party’s support of the government’s “fundamental responsibility” to invest in national security.

“We invest what is needed to keep the American people safe and secure and defend our way of life,” Young said. “That’s what we’re doing here.”

©2022 Bloomberg L.P.

Leave your comment
HOT AUTO TRADE BOT SOFTWARE adver right
APPROVED BROKERS
net_home_top HOT AUTO TRADE BOT SOFTWARE
16-08-2022 20:06:48 (UTC+7)

EUR/USD

1.0151

-0.0009 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/USD

1.0151

-0.0009 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

GBP/USD

1.2059

+0.0005 (+0.04%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

USD/JPY

134.52

+1.21 (+0.90%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (8)

AUD/USD

0.7009

-0.0014 (-0.19%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

USD/CAD

1.2885

-0.0019 (-0.15%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

EUR/JPY

136.54

+1.10 (+0.81%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

0.9639

+0.0024 (+0.25%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (0)

Sell (6)

Gold Futures

1,789.90

-8.20 (-0.46%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (1)

Silver Futures

19.997

-0.275 (-1.36%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

Copper Futures

3.6330

+0.0155 (+0.43%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Crude Oil WTI Futures

89.36

-0.05 (-0.06%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Brent Oil Futures

94.86

-0.24 (-0.25%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Natural Gas Futures

9.252

+0.524 (+6.00%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (11)

Sell (0)

US Coffee C Futures

223.75

-1.75 (-0.78%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (7)

Euro Stoxx 50

3,793.15

+3.53 (+0.09%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (1)

S&P 500

4,297.14

+16.99 (+0.40%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (4)

DAX

13,847.11

+30.50 (+0.22%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (1)

FTSE 100

7,546.60

+37.45 (+0.50%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

Hang Seng

19,830.52

-210.34 (-1.05%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

US Small Cap 2000

2,020.40

+7.30 (+0.36%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

IBEX 35

8,483.66

+56.66 (+0.67%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (2)

BASF SE NA O.N.

44.130

+0.070 (+0.16%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (6)

Sell (1)

Bayer AG NA

54.09

+0.53 (+0.99%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

Allianz SE VNA O.N.

179.52

+0.74 (+0.41%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (2)

Adidas AG

170.63

-2.31 (-1.34%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

Deutsche Lufthansa AG

6.720

-0.014 (-0.21%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (9)

Sell (0)

Siemens AG Class N

111.30

-0.90 (-0.80%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (4)

Deutsche Bank AG

8.986

+0.044 (+0.49%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (0)

 EUR/USD1.0151↑ Buy
 GBP/USD1.2059↑ Buy
 USD/JPY134.52↑ Sell
 AUD/USD0.7009↑ Buy
 USD/CAD1.2885↑ Sell
 EUR/JPY136.54↑ Buy
 EUR/CHF0.9639Neutral
 Gold1,789.90Buy
 Silver19.997↑ Buy
 Copper3.6330↑ Buy
 Crude Oil WTI89.36↑ Sell
 Brent Oil94.86↑ Sell
 Natural Gas9.252↑ Buy
 US Coffee C223.75↑ Sell
 Euro Stoxx 503,793.15Buy
 S&P 5004,297.14Neutral
 DAX13,847.11Neutral
 FTSE 1007,546.60↑ Sell
 Hang Seng19,830.52↑ Buy
 Small Cap 20002,020.40↑ Buy
 IBEX 358,483.66Buy
 BASF44.130Neutral
 Bayer54.09↑ Sell
 Allianz179.52Neutral
 Adidas170.63Buy
 Lufthansa6.720Neutral
 Siemens AG111.30Sell
 Deutsche Bank AG8.986↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,580/ 6,680
(-10/ -10) # 1,639
SJC HCM6,600/ 6,700
(-10/ -10) # 1,659
SJC Hanoi6,600/ 6,702
(-10/ -10) # 1,661
SJC Danang6,600/ 6,702
(-10/ -10) # 1,661
SJC Nhatrang6,600/ 6,702
(-10/ -10) # 1,661
SJC Cantho6,600/ 6,702
(-10/ -10) # 1,661
Cập nhật 16-08-2022 20:06:50
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,773.64-4.84-0.27%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$88.68-0.88-1.01%
Brent$94.26-1.3-1.39%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.230,0023.540,00
EUR23.145,5524.441,71
GBP27.456,8428.627,78
JPY171,08181,12
KRW15,4318,80
Cập nhật lúc 18:54:08 16/08/2022
Xem bảng tỷ giá hối đoái
adver main right