After delays and lobbying from business groups around the country, the U.S. Department of Commerce and Intel announced a deal Tuesday morning to release nearly $8 billion in direct CHIPS Act funding.
The $7.86 billion directly impacts Intel’s commercial semiconductor manufacturing and advanced manufacturing projects in Ohio, Arizona, New Mexico and Oregon.
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The former U.S. Comptroller General said Congress’ failure to address the federal debt burden was “irresponsible.”
David Walker, former Comptroller General of the United States and a member of the Main Street Economics Advisory Board, said recent economic data should prompt lawmakers to take action before the debt problem gets worse.Â
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Protect The Public’s Trust (PPT), a government watchdog group, filed a complaint Wednesday with the U.S. Department of Commerce, requesting an investigation into what PPT says are “apparent scientific violations” in relation to how National Oceanic Atmospheric Administration (NOAA) collects and reports climate-related natural disasters that exceed $1 billion in damages.
Since 1980, NOAA has reported an annual tally of the number of climate-related natural disasters in the U.S. that cause damages exceeding $1 billion after adjusting for inflation. According to NOAA’s calculations, the U.S. averaged 8.5 such events between 1980 and 2023. In the last five years, however, the average reported by the agency is 20.4 events.
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The U.S. Department of Commerce and Intel Corporation reached a non-binding preliminary memorandum of terms to offer up to $8.5 billion in direct funding via the CHIPS and Science Act to the company in hopes of creating jobs and logic chips in four states.
Intel plans to invest over $100 billion in the United States over the next five years. It also plans to expand its operations in Arizona, New Mexico, Ohio, and Oregon, which it estimates will create over 10,000 manufacturing jobs and nearly 20,000 construction jobs, according to a statement from the U.S. Department of Commerce.
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