Senate advances more than $50 billion bill to boost U.S. semiconductor production

The Senate voted to advance a slimmed-down version of its bill designed to boost U.S. semiconductor competition with China.

The bill cleared a key procedural hurdle Tuesday evening in a 64-34 vote even as lawmakers worked to finish various sections of the legislation.

The bill, which would provide about $50 billion in subsidies to bolster U.S. computer chip manufacturing, is a multifaceted bipartisan effort that combines the interests of several committees, ranging from national security to economics.