President Joe Biden is back in the Oval Office after quarantining for nearly a week. Now, on the top of his agenda is a conversation with China’s leader Xi Jinping. In a major move by the Federal Reserve, the central bank is scrambling to cool down white-hot inflation by hiking the interest rate again. With…
Capitol Report (July 27): FED Hikes Rate to Slow Inflation; US, Russia Top Diplomats Set to Meet
July 27, 2022
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US Senate Passes $280 Billion Chips Act for Domestic Semiconductors
July 27, 2022
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The U.S. Senate passed its controversial chips and science bill on July 27. The bill will now go to the House and, should it pass there, to President Joe Biden’s desk for signature. The mammoth bill, which passed 64-33, will provide some $280 billion in funding to prop up and kickstart domestic semiconductor manufacturing and…
US to Sell 20M More Barrels of Reserve Oil; Senate Advances Chips Bill | NTD Business
Retail king Walmart slashes its profit projections, substantially. What does this tell us about a potential recession? Is the CHIPS Act a home run for Congress? One expert says it’s a strikeout. The European Union puts together an emergency plan to tackle the gas crisis. Klondike says goodbye to one of its ice cream treats after…
Treasury Sec. Yellen Downplays Recession Risk; Chinese Rocket Plummeting Back to Earth | NTD Business
The White House downplays the risk of a possible economic recession ahead of upcoming economic data, which might show just that. A $3.5 billion electric vehicle battery materials plant is being planned in Nevada—a step forward for the United States in an industry that’s completed dominated by China. Another Chinese rocket is set to crash…
Pass the CHIPS, Then Pop the Champagne
July 24, 2022
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Commentary NEW YORK—It’s rare that one would find socialist Sen. Bernie Sanders (I-Vt.) and conservative Fox News commentator Steve Moore on the same side of an issue, let alone legislation, but the CHIPS bill, expected to go before the Senate next week, is just such an instance. I happily oppose both of them, though Moore more so…
Texas, Florida Lawmakers at Odds Over CHIPS Act
While some Texas Republicans are urging Congress to pass a $250 billion CHIPS Act, Florida’s Republican U.S. senators are opposing it, arguing it will continue to drive “Biden’s inflation crisis,” is a pro-China bill and gives billions of dollars to companies with no accountability. Proponents of the CHIPS (Creating Helpful Incentives to Produce Semiconductors) Act…
Chipmakers Will Abandon Plans for US Plants Unless Congress Passes $52 Billion Funding, Warns Raimondo
U.S. Commerce Department Secretary Gina Raimondo urged lawmakers to quickly approve $52 billion in funding for chipmakers as multiple companies have stalled their expansion plans in the country. “Mark my words … if Labor Day comes and goes and this Chips Act isn’t passed by Congress, these companies will not wait and they will expand…
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