Senate Overwhelmingly Passes Bill to Bolster Competitiveness With China

The Senate overwhelmingly passed legislation on Tuesday that would pour nearly a quarter-trillion dollars over the next five years into scientific research and development to bolster competitiveness against China.

Republicans and Democrats — overcoming their traditional partisan differences over economic policy — banded together to endorse what would be the most significant government intervention in industrial policy in decades. It includes federal investments in a slew of emerging technologies as well as the semiconductor industry.