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☆ Biden, Seeking to Build on Fruitful Week, Will Announce Billions in Chip Grants
▼ + stars: | 2024-04-25 | by ( Madeleine Ngo | Zolan Kanno-Youngs | ) www.nytimes.com time to read: +1 min

Micron will use the grants to help construct two leading-edge chip manufacturing plants in New York and another facility in Idaho, Biden administration officials said before the president’s trip to Syracuse, N.Y., for the announcement. The federal government will also provide up to $7.5 billion in loans to Micron. The legislation gave the Commerce Department $39 billion to distribute as grants to incentivize chipmakers to construct and expand manufacturing plants across the United States. On Wednesday, he secured the endorsement of the North America’s Building Trades Unions, largely because of his bipartisan infrastructure package. He also is fresh off signing a $95.3 billion package of aid for Ukraine, Israel and Taiwan after months of congressional gridlock, reaffirming a central focus of his foreign policy agenda.

Persons: Biden, incentivize, Chuck Schumer Organizations: Micron Technology, Micron, Commerce Department, Unions Locations: New York, Idaho, Syracuse, N.Y, United States, Ukraine, Israel, Taiwan

☆ Micron Will Receive $6.1 Billion to Build Semiconductor Plants
▼ + stars: | 2024-04-18 | by ( Madeleine Ngo | Don Clark | ) www.nytimes.com time to read: +1 min

The Biden administration will give Micron up to $6.1 billion in grants to help build its semiconductor plants in New York and Idaho, the latest multibillion dollar award aimed at ramping up the nation’s production of vital semiconductors. More than a year ago, Micron announced plans to expand its manufacturing footprint in the United States. In September 2022, the company said it would build a $15 billion factory in its hometown, Boise, Idaho, the first new U.S. memory chip plant in 20 years. The complex could eventually include up to four new manufacturing plants. Company officials have said the investment is expected to create roughly 50,000 jobs, including about 9,000 direct positions at its plants.

Persons: Biden, Chuck Schumer Organizations: Micron, Biden Locations: New York, Idaho, United States, Boise , Idaho, U.S, Syracuse, N.Y

☆ U.S. Awards Samsung $6.4 Billion to Bolster Semiconductor Production
▼ + stars: | 2024-04-15 | by ( Madeleine Ngo | Don Clark | ) www.nytimes.com time to read: +1 min

The Biden administration will give up to $6.4 billion in grants to Samsung, one of the world’s largest chipmakers, the latest in a slew of awards intended to shore up domestic production of cutting-edge semiconductors. The money will help Samsung, the South Korean company, fund its new chip manufacturing hub in Taylor, Texas, and expand an existing site in nearby Austin. Samsung will now build an additional manufacturing plant and upgrade a facility under construction in Taylor. Federal officials said the grants would help create a U.S. hub for the development and production of leading-edge semiconductors. The announcement follows other awards that federal officials have made to semiconductor manufacturers in recent weeks.

Persons: Biden Organizations: Samsung, South Korean, Federal, Commerce Department Locations: Taylor , Texas, Austin, Taylor, Texas, U.S, United States

☆ TSMC Will Receive $6.6 Billion to Bolster U.S. Chip Manufacturing
▼ + stars: | 2024-04-08 | by ( Madeleine Ngo | Don Clark | ) www.nytimes.com time to read: +1 min

The Biden administration will award up to $6.6 billion in grants to Taiwan Semiconductor Manufacturing Company, the leading maker of the most advanced microchips, in a bid to bring some of the most cutting-edge semiconductor technology to the United States. TSMC will also increase its total investments in the United States to more than $65 billion, up from $40 billion. Bringing the world’s most sophisticated chip manufacturing to the United States has been a major goal for the Biden administration. Although semiconductors were invented in the United States, production has largely shifted overseas in recent decades. Only about 10 percent of the world’s chips are made in the United States.

Persons: Biden, TSMC Organizations: Taiwan Semiconductor Manufacturing Company Locations: United States, U.S, Phoenix, Phoenix , U.S

☆ Energy Department Offers $2.3 Billion Loan to Boost Lithium Production
▼ + stars: | 2024-03-14 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

The Energy Department is moving forward on a deal to provide a $2.3 billion loan to Lithium Americas Corp. in an effort to shore up domestic supplies of a mineral vital for the production of electric vehicles. If finalized, the loan would help finance the construction of a lithium carbonate processing plant at Thacker Pass in Nevada. The United States, however, has lagged behind other countries in producing the metal. Only 1 percent of the lithium used in the United States is harvested domestically, according to the Energy Department. Lithium carbonate from Thacker Pass could support the production of batteries for up to 800,000 electric vehicles a year, according to the Energy Department.

Organizations: Energy Department, Lithium Americas Corp, Administration Locations: Thacker, Nevada, North America, United States, Australia, Chile, China, Argentina

☆ Chipmakers Seek More Than $70 Billion in Federal Subsidies
▼ + stars: | 2024-02-26 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

Companies that produce the most advanced semiconductors have requested more than $70 billion in federal subsidies, roughly twice the amount of funding that is available, Commerce Secretary Gina Raimondo said on Monday. In an effort to revitalize domestic manufacturing of semiconductors, the federal government is distributing $39 billion in subsidies as an incentive for companies to produce more of the tiny chips that power everything from smartphones to cars and fighter jets. The funding is meant to strengthen the U.S. supply chain and reduce the country’s reliance on foreign sources of chips. In a speech on Monday at the Center for Strategic and International Studies, Ms. Raimondo said her department had received more than 600 statements of interest. Federal officials have had to be “tough with companies,” Ms. Raimondo said, adding that she has pushed company executives to “do more for less.” She added that the level of interest also meant that officials would “have to say no to excellent companies.”

Persons: Gina Raimondo, Ms, Raimondo, ” Organizations: Center for Strategic, International Studies Locations: United States

☆ Are You Getting Sticker Shock From Your Electric Bills? We Want to Hear About It.
▼ + stars: | 2024-02-13 | by ( Ivan Penn | More About Ivan Penn | ) www.nytimes.com time to read: 1 min

Upgrades to aging utility equipment and efforts to reduce greenhouse gas emissions have combined to drive up electricity costs across the country, with the national average increasing from one year to the next. As a New York Times business reporter, I have been looking into the impact of the rising costs of electricity on consumer bills. We are planning more stories about the rising cost of energy and how it’s affecting people around the country. What impact are electricity rates having on household budgets? What steps are people taking to lower their bills?

Persons: Madeleine Ngo Organizations: New York Times

☆ Electric Vehicle Charging Tax Credits Will Be Available in Much of Country
▼ + stars: | 2024-01-19 | by ( Madeleine Ngo | More About Madeleine Ngo | ) www.nytimes.com time to read: +1 min

The Biden administration on Friday issued guidance that makes much of the country eligible for tax credits intended to offset the cost of installing electric vehicle chargers. The initiative aims to make it more affordable for Americans to deploy electric vehicle chargers, which will need to be widely available for the United States to meet the Biden administration’s goal of having electric vehicles make up half of new car sales by 2030. Before Friday’s guidance, it had been unclear which areas could qualify for the tax credit. The Treasury Department opted to make a broad set of locations eligible, covering much of the country outside of major cities. Qualified areas cover roughly two-thirds of the U.S. population, Ashley Schapitl, a Treasury Department spokeswoman, said in a statement.

Persons: Biden, Ashley Schapitl Organizations: Biden, Treasury, Treasury Department Locations: United States

☆ Large Farmers Received Millions in Insurance Subsidies, Report Says
▼ + stars: | 2023-12-04 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

The federal government provided millions of dollars in subsidies to large farmers to pay for much of the cost of their crop insurance policies last year, according to a Government Accountability Office report set to be released on Monday. The federal crop insurance program is intended to encourage farmers to protect their crops against natural disasters, extreme weather and other destructive events by purchasing private insurance that is heavily subsidized with taxpayer dollars. Under the program, farmers can buy insurance policies to help cover financial losses from crop price declines and poor yields resulting from natural disasters. The cost of the federal crop insurance program ballooned last year, reaching $17.3 billion in 2022, according to Agriculture Department data. In 2021, the program cost the federal government roughly $9.4 billion, according to Agriculture Department data.

Organizations: Agriculture Department

More Americans are buying heat pumps, an environmentally friendly alternative to furnaces and air-conditioners that can significantly lower monthly energy bills. But the pace of installations has slowed in the past year, posing an obstacle to the Biden administration’s climate plans. Rising interest rates and inflation combined with a slow and confusing rollout of federal government incentives for the purchase of heat pumps are largely responsible for the recent drop in sales, energy analysts said. These headwinds, if they persist, could jeopardize President Biden’s goals of effectively eliminating U.S. emissions of greenhouse gases by 2050. Those incentives defray only a small portion of the $16,000 an average heat pump installation costs, according to Rewiring America, a nonprofit group that is working to increase the use of cleaner forms of energy.

Persons: Biden’s Organizations: Biden Locations: America

Goldman Sachs economists have estimated that a shutdown would reduce growth by about 0.2 percentage points for each week it lasts. But the Goldman researchers expect growth to increase by the same amount in the quarter after the shutdown as federal work rebounded and furloughed employees received back pay. That estimate tracks with previous work from economists at the Fed, on Wall Street and prior presidential administrations. Trump administration economists calculated that a monthlong shutdown in 2019 reduced growth by 0.13 percentage points per week. Because growth and confidence tend to snap back, previous shutdowns have left few permanent scars on the economy.

Persons: Gregory Daco, ” Biden, Goldman Sachs, Goldman, Trump Organizations: Administration, shutdowns, Congressional, Office Locations: EY

☆ Billions to Connect Everyone to High-Speed Internet Could Still Fall Short
▼ + stars: | 2023-09-19 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

Along the southeastern edge of Oklahoma, where expansive cattle ranches and empty storefronts dot the landscape, the lack of high-speed internet service has become a daily frustration for residents. She cannot schedule medical appointments, request prescription refills or pay her bills online until she gets to work. “I’m hoping it will change,” Ms. Finley, 60, said sitting in her home on a recent afternoon. If President Biden gets his way, Ms. Finley and her neighbors will benefit from a $42.5 billion program to expand fast internet access across the country. The funding, which was included in the 2021 infrastructure law, is part of an initiative that has high ambitions: to provide “affordable, reliable high-speed internet” access for every home and business by 2030.

Persons: Wanda Finley, Okla, “ I’m, Ms, Finley, Biden Locations: Oklahoma, Sawyer

☆ Over 3,100 Charged With Pandemic Relief Fraud, Justice Department Says
▼ + stars: | 2023-08-23 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +2 min

The sweep resulted in criminal charges against 371 defendants, with 119 convicted or pleading guilty. The Justice Department claimed 63 defendants had connections to violent crime and 25 had purported connections to transnational crime networks. The Justice Department listed a range of fraud schemes, including defendants who allegedly used the money to solicit a murder and individuals who laundered funds by shipping cars to Nigeria. The funds were allegedly used to solicit a murder for hire and to purchase firearms, controlled substances, jewelry, clothing and vacations. Some defendants were also accused of transferring firearms knowing they would be used to commit violent crimes or traffic drugs.

Persons: ”, General Merrick B, Garland, “, Department’s, — Organizations: Justice Department, Department Locations: Nigeria, Milwaukee

“As I said back in the summer of 2020, in my judgment, the loan was inadequately secured to the taxpayers,” he said. Yellow has paid about $67 million in interest on its $700 million loan and just $230 of the principal owed. Yellow owes more than $700 million because, under the terms of the loan, some of the interest is not paid annually but gets added to the principal. Yellow used the first portion of its federal loan, about $300 million, to pay for operational expenses, including labor costs and to lease equipment. Bankruptcy experts said it would be very hard for the Treasury to find collateral that could be sold to repay this part of the loan.

Persons: Hill, ” Organizations: Republican, International Brotherhood of Teamsters, Treasury Locations: Arkansas, Nashville

☆ Food Prices Ticked Up in July, but Showed Signs of Moderating
▼ + stars: | 2023-08-10 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

Food prices continued to moderate in July, with costs for eggs, milk and chicken declining. Grocery prices rose 0.3 percent in July, up from June, when prices were flat. Food inflation has slowed in recent months, bringing relief to grocery shoppers who have been pinched by higher prices. Still, food prices are much higher than they were a year ago, and costs have been climbing at a faster rate than normal. In the year through July, food prices rose 4.9 percent, down from 5.7 percent in June.

Organizations: Bureau of Labor Statistics

☆ How to Catch Pandemic Fraud? Prosecutors Try Novel Methods.
▼ + stars: | 2023-08-06 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

Federal prosecutors are scrambling to recoup billions of dollars in pandemic aid from people who falsely obtained funds from government programs that were intended to keep the economy afloat during the Covid shutdowns. In some districts, prosecutors are screening those suspected of a violent crime for potential involvement in pandemic fraud schemes. Other investigators are putting together “strike force teams” to unravel the most sophisticated enterprises or leaning on local officials to steer them toward potential fraudsters in their areas. The moves come as the federal government looks for novel ways to root out what officials say was an enormous number of fraudulent claims that were submitted and approved during the pandemic. Many of the programs that were set up to dole out relief money required minimal proof from those seeking funds and approved applications quickly in order to pump money into the economy.

Persons: —

☆ The Energy Transition Is Underway. Fossil Fuel Workers Could Be Left Behind.
▼ + stars: | 2023-07-12 | by ( Madeleine Ngo | ) www.nytimes.com time to read: 1 min

Tiffany Berger spent more than a decade working at a coal-fired power plant in Coshocton County, Ohio, eventually becoming a unit operator making about $100,000 annually. But in 2020, American Electric Power shut down the plant, and Ms. Berger struggled to find a job nearby that offered a comparable salary. Ms. Berger, 39, started working part time at a local fertilizer and seed company last year, making just a third of what she used to earn. “I thought I was set to retire from there,” Ms. Berger said. “It’s a power plant.

Persons: Tiffany Berger, Berger, “, ” Ms, ” Organizations: American Electric Power Locations: Coshocton County , Ohio, Newcomerstown , Ohio

More than a quarter said they would have to cut wages — from a median hourly wage of about $12. Nearly a third of providers, including 44 percent at those owned by minorities, said they might consider leaving their job or, in the case of home-based child care, closing altogether. “Federal funding made a huge difference,” said Julie Kashen, a senior fellow at the Century Foundation and an author of the new report. Without the grants, she said, the center, which her parents started 40 years ago, would have closed during the pandemic. She used the money to raise hourly pay to $15 “because they all deserve it,” she said.

Persons: ”, Julie Kashen, Jen Whyte Organizations: Century Foundation Locations: Millcreek , Utah

☆ Food Prices Ticked Higher in May
▼ + stars: | 2023-06-13 | by ( Madeleine Ngo | ) www.nytimes.com time to read: 1 min

Food prices for Americans rose in May, an increase that adds to the pain of consumers pinched by higher prices. Overall food prices rose 0.2 percent in May from the prior month, an increase after remaining flat the two months before. Prices for food at restaurants continued to climb, rising 0.5 percent over the month, an increase from 0.4 percent in April. Food prices are rising at a slightly slower rate than they were a few months ago, but they are still much higher than they were before the pandemic. Food prices have picked up 6.7 percent over the last year.

☆ Schools Received Billions in Stimulus Funds. It May Not Be Doing Enough.
▼ + stars: | 2023-06-05 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

Plans for the relief funds have varied across the country. The federal government does limited tracking of the relief funds, which were sent directly to states. Many states, which dole out the money to districts, do not provide detailed breakdowns of expenditures. Although schools were initially slow to spend the money, they are now on track to exhaust the funding by the September 2024 deadline for budgeting the money. Ms. Lake said giving across-the-board bonuses, completing maintenance projects and plugging holes in budgets were less effective interventions.

Persons: Robin Lake, Lake Organizations: Reinventing Public Education

☆ CHIPS Act Funding for Science and Research Falls Short
▼ + stars: | 2023-05-30 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

A renewed focus on the need to rein in federal spending has raised concerns about whether a bipartisan law that dedicates billions to advancing scientific research as well as revitalizing the American semiconductor industry will receive all of its promised funding. President Biden and House Republican leaders have reached an agreement in principle to limit federal spending over the next two years in exchange for suspending the debt ceiling and averting the risk of an economic catastrophe. But some lawmakers and other proponents of the bipartisan law, the CHIPS and Science Act, have grown worried that limits on government spending could undercut the legislation’s ambitious goals of bolstering the nation’s scientific edge and countering China’s technological rise. The debt ceiling deal cuts so-called nondefense discretionary funding — which includes scientific research — for the 2024 fiscal year. It also limits all discretionary spending to 1 percent growth in 2025, which is effectively a budget cut since that is likely to be slower than the rate of inflation.

Persons: Biden Organizations: House Republican

☆ Inflation Inched Higher in April, Reflecting Challenge for the Fed
▼ + stars: | 2023-05-26 | by ( Madeleine Ngo | Ben Casselman | ) www.nytimes.com time to read: +1 min

Still, prices are not climbing as fast they were in February, when the index rose 5.1 percent on an annual basis. A “core” measure that tries to gauge underlying inflation trends by stripping out volatile food and energy prices rose 4.7 percent over the year through April, up slightly from 4.6 percent in March. The core measure rose 0.4 percent in April from the prior month, up from 0.3 percent in March. That was slightly faster than some analysts had expected. Core inflation had been rising at a faster pace earlier in the year, climbing 0.6 percent in January.

☆ America’s Semiconductor Boom Faces a Challenge: Not Enough Workers
▼ + stars: | 2023-05-19 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

Maxon Wille, an 18-year-old in Surprise, Ariz., was driving toward Interstate 17 last year when he noticed a massive construction site: Taiwan Semiconductor Manufacturing Company at work on its new factory in Phoenix. “I can see this being the next big thing,” Mr. Wille said. Semiconductor manufacturers say they will need to attract more workers like Mr. Wille to staff the plants that are being built across the United States. America is on the cusp of a semiconductor manufacturing boom, strengthened by billions of dollars that the federal government is funneling into the sector. President Biden had said the funding will create thousands of well-paying jobs, but one question looms large: Will there be enough workers to fill them?

☆ Biden Taps Two Negotiators to Reach Debt Ceiling Deal With Republicans
▼ + stars: | 2023-05-17 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

One of the biggest developments out of Tuesday’s debt ceiling meeting was President Biden’s selection of two officials to negotiate directly with aides to Speaker Kevin McCarthy: Shalanda Young, the director of the Office of Management and Budget, and Steve Ricchetti, a White House senior adviser. That decision appeared to mollify Mr. McCarthy, who noted after the meeting that “we finally have a formula that has proven to work in the past.”Ms. Young and Mr. Ricchetti bring years of experience working with lawmakers on both sides of the aisle to forge deals on critical pieces of legislation. But they will still face a difficult task in trying to reach an agreement to raise the debt ceiling ahead of a potential default as soon as June 1. They are expected to work closely with Louisa Terrell, the director of the White House Office of Legislative Affairs. Here’s a look at the two key players who will represent Mr. Biden as policymakers work to avoid what many say would be an economically devastating default.

☆ Food Prices Were Flat in April, Report Shows
▼ + stars: | 2023-05-10 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

Food prices were flat for a second straight month in April, relief for many Americans who have faced higher costs at the grocery store in recent months. That is a big improvement from February, when prices rose 0.4 percent over the month. Prices for food at home fell 0.2 percent in April compared with the month before. Prices for food at restaurants continued to pick up, rising 0.4 percent over the month, a slight decline from 0.6 percent in March. Overall, food prices have climbed 7.7 percent over the last year.

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