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WASHINGTON – The Biden administration said Monday that the government intends to provide $1.5 billion to the computer chip company GlobalFoundries to expand its domestic production in New York and Vermont.
In addition to the direct funding, the government would also provide loans worth up to $1.6 billion, with a total combination of public and private investment expected to equal roughly $12.5 billion. Senate Majority Leader Chuck Schumer, D-N.Y., was an architect of the law that enables the funding of chips factories, a technology that he said was as essential to the U.S. economy and national security as food. He said in an interview with The Associated Press that the United States could be vulnerable to disruptions as it was during the coronavirus pandemic when auto plants lacked enough chips to keep making vehicles.
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