Wisconsin Senate might reject Trump-backed Foxconn deal as concerns escalate, report says
The Wisconsin Senate does not yet have enough votes to sign off on a huge Chinese investment that has been backed by President Donald Trump , according to the Milwaukee Journal Sentinel.
The Republican state senate majority leader, Scott Fitzgerald, said he needs more time to do his due diligence on the massive $3 billion incentive package proposed for Foxconn (Taiwan Stock Exchange: 2317-TW), the newspaper reported Wednesday.
Foxconn's chairman, Terry Gou, in July met with Trump, Vice President Mike Pence, U.S. House Speaker Paul Ryan of Wisconsin and other officials to tout the investment, saying the $10 billion investment will create 3,000 jobs. Gov. Scott Walker said at that time the agreement could eventually grow to 13,000 jobs, with 22,000 indirect and induced jobs and 10,000 construction jobs.
But since then, questions have mounted around the Taiwanese electronics manufacturer, which plans to set up a liquid crystal display (LCD) plant in southeast Wisconsin. The state's Legislative Fiscal Bureau estimated that given the high levels of investment, the project wouldn't break even until the 2040s.
Still, Walker said this week that he believes it's a good deal that will ultimately get approved .
"Gov. Walker is committed to working with members of both parties in the Assembly and Senate to ensure Wisconsin takes advantage of the opportunity to create 13,000 jobs," a spokesperson said.
For more on what's going on at the Wisconsin legislature, see the full article at JSOnline.com.
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