Sen. Rick Scott, R-Fla., slammed the Senate's proposed $52 billion chips bill designed to boost U.S. semiconductor competition with China, telling "Varney & Co." Wednesday the legislation sounds like a "pro-China bill" that will cause more inflation.
SEN. RICK SCOTT: This is why we have $30 trillion worth of debt, why we have 9% inflation, why we run deficits because up here, people can't stop spending money. Here is the latest, you'll love this. If you are a company like Intel this is what's going to happen. Intel Corporation made $20 billion last year. Guess what? We are going to give them some money to build a plant. Then we're going to give them a tax deduction for building the plant, and then we are going to give them a tax credit for building the plant.
And guess what? They can keep doing business in China. If China invades Taiwan they can keep doing business just as they are right now in China. Sounds like a pro-China bill, not an anti-China bill to me. It's going to cause more inflation, more debt, and create more deficits. There is no accountability, it doesn't make any sense.
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