Headline RoundupJuly 27th, 2022

Senate Passes $280 Billion Bipartisan Tech Bill to Boost China Competition

Summary from AllSides News Team

The Senate voted 64 to 33 on Wednesday to pass a $280 billion bill to boost tech production and development in a bid to compete with China. 

The bill, called the CHIPS Act of 2022, includes $52 billion in investments and tax credits for U.S. semiconductor computer chip production, as well as roughly $200 billion for research into technologies like artificial intelligence, robotics, quantum computing, and more. 

17 Republicans supported the bill, including Senate Minority Leader Mitch McConnell (R-Ky.) and Sen. Todd Young (R-Ind.), who said, “by passing this CHIPS-Plus bill, we are confronting the challenges of today and building a prosperous and secure tomorrow for all Americans.” Senate Majority Leader Chuck Schumer (D-N.Y.) called the bill “momentous,” and Sen. Mark Kelly (D-Ariz.) said it would create “tens of thousands of jobs.” Meanwhile, opponents like Sen. Bernie Sanders (I-Vt.) and Sen. Mike Lee (R-Utah) argued the bill’s investments amounted to “corporate welfare” and would help fuel inflation. 

Most coverage was balanced and framed the bill around competition with China. Coverage was initially more prominent in left-rated outlets but was drowned out across the spectrum by news of the Federal Reserve’s interest rate hike.

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