Cramer Against Semiconductor Legislation As It Advances In Senate
WASHINGTON, D.C. (KVRR/AP) — Sen. Kevin Cramer says he is opposed to legislation to boost the semiconductor industry in the U.S.
But the bill still advanced in the Senate by a vote of 64-32, with 60 votes needed to move ahead.
The legislation is now on a glidepath to final passage in the Senate later this week.
The White House has led support for the bill, along with industry leaders.
They say government subsidies are necessary to compete with other nations, including China, that are spending billions of dollars to lure semiconductor manufacturers.
“But trying to out-China, China, is not the way to do that, said Cramer as he appeared on Fox Business’ Kudlow.
“The way to do it is to reopen our free market system, eliminate the regulations and the taxes that get in the way of the innovators.”
The House is also expected to take up the semiconductor package this week.