The Democrat-led Senate is poised to approve as early as Tuesday a China security bill that will earmark billions in taxpayer subsidies to the well-heeled computer chip-making industry, which saw record profits last year and doled out millions in lobbying fees and political donations.
The $54 billion in subsidies for chipmakers inside the 1,445-page U.S. Innovation and Competition Act has some seeing an unnecessary corporate welfare program that could benefit such iconic brands as Intel, Qualcomm and AMD and increase the government’s reach over free market business.
“This bill will increase government’s influence over the private sector while weakening America by increasing our debt,” said Sen. Ron Johnson (R-Wisc.), one of the legislation’s fiercest critics. “Democrats love spending other people’s money and growing government. I have no idea why any Republican would want to help them do that.”
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