Biden expected to sign $280 billion CHIPS Act, critics fear it will worsen debt and inflation

President Joe Biden is expected to sign the CHIPS Act, a $280 billion spending bill meant to incentivize American manufacturers to produce semiconductor chips in the U.S.

Critics say the measure contains no accountability requirements for companies that receive the taxpayer dollars, will increase the national debt and 40-year-high inflation, and won’t strengthen national security.

The bill passed the U.S. Senate by a vote of 64-33 with 17 Republicans joining Democrats in approving it. It passed in the House by a vote of 243 to 187, with 24 Republicans joining 219 Democrats despite Republican leadership opposing the bill.