The Senate yesterday passed an expansive $280 billion bill aimed at building up America’s manufacturing and technological edge to counter China, embracing in an overwhelming bipartisan vote the most significant government intervention in industrial policy in decades, the New York Times reported. The legislation reflected a remarkable and rare consensus in a polarized Congress in favor of forging a long-term strategy to address the nation’s intensifying geopolitical rivalry with Beijing. The plan is centered around investing federal money into cutting-edge technologies and innovations to bolster the nation’s industrial, technological and military strength. The measure passed 64 to 33, with 17 Republicans voting in favor. The legislation will next be considered by the House, where it is expected to pass with some Republican support. President Biden, who has backed the package for more than a year, could sign it into law as early as this week. The bill, a convergence of economic and national security policy, would provide $52 billion in subsidies and additional tax credits to companies that manufacture chips in the United States. It also would add $200 billion for scientific research, especially into artificial intelligence, robotics, quantum computing and a variety of other technologies.
