U.S. House of representatives said the $52billion chip Bill made "significant progress"

According to Reuters on July 13, Hakim Jeffries, chairman of the Democratic Caucus of the US House of Representatives, said on Wednesday that a proposed bill aimed at promoting the development of the US semiconductor industry had made "significant progress", and he believed that an agreement would be reached by the end of July. The bill will provide $52billion in chip production subsidies and promote scientific and technological innovation in the United States.

The Senate passed one version of the bill in June 2021, while the house of Representatives passed another version in February. Lawmakers must resolve their differences and pass the bill in both houses again before President Biden can sign it into law.

Jeffries told reporters at the press conference, "we are trying to find common ground. Significant progress has been made."

Even if the house of Representatives and the Senate reached an agreement, Mitch McConnell, the Republican leader of the Senate, threatened to block the passage of the bill if Democrats pushed forward their partisan efforts to raise corporate taxes and curb carbon emissions.