The Senate passed a bill to strengthen America’s competitiveness with China.

A widely bipartisan bill aimed at boosting America’s competitiveness with China gained traction in the Senate on Wednesday after leading Democrats moved to restore key investments in manufacturing. and technology in danger of being cut after a months-long negotiation.

In a check vote Tuesday night, the Senate agreed to proceed with the most urgent political and commercial measure: legislation that would grant more than $52 billion in subsidies and tax credits to corporations. semiconductor manufacturers in the United States.

The 64-34 vote showed widespread support for the years-long effort to enact an expansive industrial policy law aimed at countering China’s technological and manufacturing dominance. Pledges appear to have been altered in recent weeks as lawmakers work to reach agreement on the colorful bill.

After 16 Republican senators voted in favor of the measure, Senator Chuck Schumer, a New York Democrat and majority leader, reinstated the bill a series of measures. previously important research and development was left out. In an unusual exercise, Mr Schumer has said he will only add provisions if the bill attracts 60 votes, suggesting it could survive a vote and move to passage. in the Senate.

Now, the Senate is set to push for a larger package that will authorize about $250 billion into research and development of critical technologies. Written by a Midwesterner and New Yorker — Schumer and Senator Todd Young, Republican of Indiana — it seeks to focus those investments on the once booming industrial hubs for revival. communities are eliminated by companies.

“All of this will help the United States lead the way in developing the technologies of tomorrow,” Schumer said. “When we invest in science here, we create millions of new well-paying jobs and ensure that America is at the forefront of the cutting-edge issues that will dominate the 21st century economy. “.

The Senate could pass the legislation as early as this week, and Speaker Nancy Pelosi said on Wednesday that the House could pass the bill as early as next week, hailing it as “a major victory for the Democrats.” American family.”

Hundreds of measures included in the original bill, including a provision that would have allowed the government to monitor American companies that wanted to invest in countries abroad, were removed from the law.

In addition to investments in the National Science Foundation and federal research and development, the senators also included language barring chip companies that receive federal funding from expanding or building new manufacturing sites for advanced semiconductors in “specific countries that pose a national security threat to the United States.”

The senators also included language that prohibits federal research agency employees from participating in programs that recruit foreign talent.

Source link


News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button