Senate Democrat proposes $52 billion for U S chips production, R&D reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
By David Shepardson
WASHINGTON, May 18 (Reuters) - U.S. Senate Democratic Leader Chuck Schumer unveiled revised bipartisan legislation late Tuesday to approve $52 billion to significantly boost U.S. semiconductor chip production and research over five years.
The emergency funding proposal will be included in a more than 1,400-page revised bill the Senate is taking up this week, as first reported by Reuters on Friday, to spend $120 billion on basic U.S. and advanced technology research to better compete with China. American manufacturing has suffered rather dramatically from a chip shortage, Schumer said. We simply cannot rely on foreign processors for chips. This amendment will make sure that we don t have to.
By Reuters Staff
1 Min Read
FILE PHOTO: Senate Majority Leader Chuck Schumer (D-NY) speaks to the media during a news conference in the U.S. Capitol in Washington, U.S., January 26, 2021. REUTERS/Al Drago
WASHINGTON (Reuters) - U.S. Senate Democratic Leader Chuck Schumer said President Joe Biden told Democrats the proposal ten Senate Republicans have made for $600 billion in COVID-19 relief is “way too small.”
Schumer spoke to reporters after an online meeting of Senate Democrats with the president about Biden’s $1.9 trillion COVID-19 relief proposal.
Reporting by Susan Cornwell; Editing by Chris Reese
Jan 25, 2021 17:17 GMTFXStreet News
After starting the day mixed, major equity indexes turned south pressured by a negative shift in market sentiment. Reflecting the risk-off mood, the CBOE Volatility Index, Wall Street’s fear gauge, is up nearly 9% at 23.80.
According to the latest market chatter crossing the wires, US Senate Democratic Leader Chuck Schumer thinks that it may take a month, a month-and-a-half to pass the stimulus bill.
As of writing, the Dow Jones Industrial Average was down 1.15% on the day at 30,638, the S&P 500 was losing 0.8% at 3,808 and the Nasdaq Composite was falling 0.75% at 13,268.
The risk-sensitive S&P 500 Technology Index, which was up more than 1% after the opening bell, is currently down 0.73%, confirming the souring market mood.