President Biden pushed Congress to pass a $52 billion payout to semiconductor manufacturers on Monday, as lawmakers face a make-or-break week in order to pass the bill.

For weeks, the White House has been pressing senators to drop a slew of tough-on-China measures in order to get the widely supported CHIPS Act to his desk before industry heavyweights take their money elsewhere.

“Congress must pass this bill as soon as possible,” Biden said Monday during a virtual roundtable with CEOs and cabinet leaders who spoke of the economic and national security imperative of getting the bill through.

“Listen to the business leaders here today and across the country,” he said. “They’re making decisions right now about where to invest and ramp up production of these semiconductors. Are they going to invest in China, India, Japan, South Korea, and the European Union? The United States has to lead the world in the production of these chips.”

The bipartisan bill, dubbed "Chips-plus", includes more than $50 billion in semiconductor manufacturing funding over the next five years, as well as a 25% tax credit for new chip production through 2026.

This comes after Speaker Nancy Pelosi revealed that the US Senate was prepared to review a semiconductor chips bill with the aim to help raise American competitiveness.  

The Senate voted by a large margin to start the debate on legislation to give more than $52 billion in grants to the US semiconductor industry.

"With this package, the United States returns to its status as a world leader in the manufacturing of semiconductor chips," she said in a press release, adding that this is "an economic necessity to lower costs for consumers and to win in the 21st-century economy, as well as a national security imperative as we seek to reduce our dependence on foreign manufacturers." 

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