The 68-32 vote for the bill demonstrates how confronting China economically is an issue that unites both parties in Congress. That’s a rarity in an era of division as pressure grows on Democrats to change Senate rules to push past Republican opposition and gridlock.
The centerpiece of the bill is a $50 billion emergency allotment to the Commerce Department to stand up for semiconductor development and manufacturing through research and incentive programs previously authorized by Congress. The bill’s overall cost would increase spending by about $250 billion with most of the spending occurring in the first five years.
Supporters described it as the biggest investment in scientific research that the country has seen in decades. It comes as the nation’s share of semiconductor manufacturing globally has steadily eroded from 37% in 1990 to about 12% now, and as a chip shortage has exposed vulnerabilities in the U.S. supply chain.
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AUSTRALIA SHOULD DELAY SOCIAL MEDIA BAN FOR CHILDREN UNDER 16. BIG TECH SAYS
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