With the 2022 midterm elections less than 100 days away, and as Americans have grown discontented through a summer of major economic and political changes, Biden’s political standing among the public has declined.
A White House official says hundreds of guests will attend the signing event, including union leaders, industry executives from companies such as HP and Intel, congressional leaders from both sides of the aisle and state elected officials.
According to the White House, companies this week announced nearly $50 billion in additional investments in American semiconductor manufacturing as a result of the newly passed legislation.
“Micron is announcing a $40 billion investment in memory chip manufacturing, critical for computers and electronic devices, which will create up to 40,000 new jobs” in construction and manufacturing, a White House fact sheet says. “This investment alone will bring the U.S. market share of memory chip production from 2 percent to 10 percent.”
Additionally, Qualcomm and GlobalFoundries are announcing a new partnership that includes $4.2 billion to manufacture chips.
Later on in the day, Biden will sign the ratification of the accession of Sweden and Finland to NATO. The addition of the two traditionally neutral countries to the alliance represented a major foreign policy accomplishment for Biden during a trip to Europe for summits in June.
Before the month’s end, Biden could have some other major opportunities to claim political victories.
The sweeping bill passed in the Senate along party lines and the House is expected to vote on it later this week.
It would raise over $700 billion in government revenue over 10 years and spend over $430 billion to reduce carbon emissions and extend subsidies for health insurance under the Affordable Care Act and use the rest of the new revenue to reduce the deficit.
The President is also weighing the possibility of canceling some student loans. It’s an issue that’s sharply divided among partisan and generational lines, but one that could act as yet another political boon among some voters as the country continues to grapple with inflation raising the cost of everyday goods and services.
CNN’s Kristin Wilson, Clare Foran, Melanie Zanona, Jessica Dean, Ali Zazlav and Alex Rogers contributed to this report.