Lawmakers on both sides of the aisle celebrated after the CHIPS and Science Act passed in the House of Representatives on Thursday.
The bill will also invest $369 billion to address the climate crisis and bring down family energy bills. It will offer rebates and tax credits for Americans to buy energy-efficient appliances and electric vehicles.
"I know it sometimes seems nothing gets done in Washington," Biden said."The work of the government can be slow and frustrating and even infuriating." President Joe Biden disputed that the U.S. has now entered a recession after the latest GDP report out on Thursday showed the national economy shrunk for the second quarter in a row.
"Both Chairman Powell and many of the significant banking personnel and economists say we're not in recession," Biden said Thursday. The president said the U.S. has"a record job market" and"record unemployment" with about nine million jobs created thus far over the course of his presidency.
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