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After a bipartisan bill that aims to support the U.S. semiconductor industry cleared a key procedural hurdle last week, analysts are predicting the measure could end up scoring full approval from Congress in a matter of days.
Analysts at Beacon Policy Advisors said in a recent note that “all indications” point to the Senate pass the CHIPS-Plus Act this week.
“This will set the House for a vote before it is scheduled to leave for its August recess on July 29th and to then send the bill to President Biden for his signature,” they wrote.
A procedural vote in the Senate is expected Monday, then a final vote in the 50-50 chamber looks likely on Tuesday or Wednesday.
There is an 80% probability that the bill will be passed by the Senate, then score the House’s OK and get signed into law by President Joe Biden, said Benjamin Salisbury, director of research at Height Capital Markets, in a note on Monday. He has raised his odds from 75% last week.
The semiconductor bill, which provides about $52 billion to subsidize domestic production of microchips
SMH,
SOXX,
is being called the CHIPS-Plus Act, and the funding previously was in other legislation that was under consideration — the U.S. Innovation and Competition Act (USICA) and the COMPETES Act.
The vote last week occurred in the 50-50 Senate, with 64 senators supporting the legislation. Senate Majority Leader Chuck Schumer, the New York Democrat, then added funding for scientific research to the measure, because that vote indicated there was enough Republican support for additional provisions.
Related: Three possible outcomes for stalled tech-funding bill, according to its co-author
Boosting domestic production of chips has been described by the Biden White House and lawmakers from both parties as a critical national-security need.
Biden on Monday is slated to urge passage of the chips bill during a virtual event at 2:15 p.m. Eastern.
The president, who is isolating after getting COVID-19, is due to take part in a “virtual meeting with CEOs and labor leaders to discuss the importance of passing the Chips Act to bolster America’s competitive edge, manufacturing power and national security,” the White House said in a statement.
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