American chipmaker Intel will receive up to $19 billion in corporate welfare, the White House announced Wednesday, making it likely to be the largest recipient of taxpayer-funded aid intended to boost semiconductor manufacturing.
President Joe Biden is expected to make a formal announcement of the handout later today during a campaign stop at Intel's headquarters in Chandler, Arizona. In a statement, the White House said the subsidies would include $8.5 billion in direct grants to Intel, which will also have access to $11 billion in federal loans. For all that money, Intel is expected to create 30,000 jobs.
