Senate Poised to Pass $195 Billion Bill to Bolster Competitiveness With China The legislation, which has bipartisan support, would be the first major industrial policy effort in decades.
By Catie Edmondson Published May 27, 2021 Updated June 8, 2021 WASHINGTON — The Senate on Thursday was on the brink of passing expansive legislation to ramp up research and development into scientific innovation, advancing what would be the government’s first significant foray into industrial policy in decades in a bid to bolster competitiveness against China.
Powered by rising fears among members of both parties that the United States is losing its edge against China and other authoritarian governments that have invested heavily in developing cutting-edge technologies, the measure would pour about $195 billion into research in a host of sectors, including manufacturing and the semiconductor industry.
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