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CHIPS and Science Funding Update: FY 2024 Research Appropriations Short by Over $7 Billion

In 2022, Congress passed the CHIPS and Science Act with bipartisan support, aiming to enhance the U.S.'s competitiveness and address national challenges, not just in semiconductors but also in various aspects of innovation. This included strategic focus on federal R&D, investments in U.S. workers and regions, expanding funding options, and boosting science and education. However, despite the Act's intentions, funding for research agencies has fallen short. In FY 2023, there was a nearly $3 billion shortfall, and as of FY 2024, research agency appropriations are about $7.5 billion below authorized levels.

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