FOX Business host Larry Kudlow calls out the ‘fiasco’ China bill to help the chip industry on ‘Kudlow.’
Folks, I hate to beat a dead horse, but tonight I'm going to beat a dead horse, with all respect to horses.
Tonight's horse is the $250 billion industrial policy, corporate welfare, picking winners-and-losers, Chuck Schumer bait-and-switch. Schumer turned a procedural motion vote into a massive political pork barrel spending bill and 16 Republican senators fell for it.
By the way, Mr. Schumer filed a cloture motion to vote and stop a filibuster as early as Monday, probably for a final vote on this monstrosity Tuesday or Wednesday.
Some of the lowlights in the Schumer amendment include: a $54 billion semiconductor subsidy bill, plus a $24 billion refundable tax credit (also known as government checks written to semiconductor companies), plus $81 billion for the National Science Foundation (a doubling of the present budget), plus $9.6 billion for the Commerce Department's National Institute of Standards and Technology, plus $11 billion for the Commerce Department's regional technology hubs (some serious pork potential there), plus $50 billion for the Energy Department's Office of Science (think Solyndra, run wild), plus $4 billion for the national labs, plus a billion for "distressed" communities and labor markets (gotta have that one, right?).
REP. BRADY WARNS US CAN'T FALL BEHIND CHINA IN KEY INDUSTRIES AS CHIP BILL ADVANCES IN SENATE