BIDEN TO TOUT GOVERNMENT INVESTING $8.5 BILLION IN INTEL'S COMPUTER CHIP PLANTS IN FOUR STATES

The Biden administration has reached an agreement to provide Intel with up to $8.5 billion in direct funding and $11 billion in loans for computer chip plants in Arizona, Ohio, New Mexico and Oregon.

President Joe Biden plans to talk up the investment on Wednesday as he visits Intel’s campus in Chandler, Arizona, which could be a decisive swing state in November’s election.

He has often said that not enough voters know about his economic policies and suggested that more would support him if they did know.

Commerce Secretary Gina Raimondo said the deal reached through her department would put the United States in a position to produce 20% of the world’s most advanced chips by 2030, up from the current level of zero. The United States designs advanced chips, but its inability to make them domestically has emerged as a national security and economic risk.

“Failure is not an option — leading-edge chips are the core of our innovation system, especially when it comes to advances in artificial intelligence and our military systems,” Raimondo said on a call with reporters. “We can’t just design chips. We have to make them in America.”

The funding announcement comes amid the heat of the 2024 presidential campaign. Biden has been telling voters that his policies have led to a resurgence in U.S. manufacturing and job growth. His message is a direct challenge to former President Donald Trump, the presumptive Republican nominee, who raised tariffs while in the White House and wants to do so again on the promise of protecting U.S. factory jobs from China.