US Senate passes massive tech and manufacturing bill to compete with China

US Senate passes massive tech and manufacturing bill to compete with China




And as growing influence the u.s senate has passed a bill to boost its tech industry the bill aims to invest over 200 billion dollars in american technology and research in the next five years the bill was voted in with rare bipartisan support a big indicator of how countering china economically is an issue which unit which unites both parties in congress the bill is the biggest investment in scientific research in decades with the centerpiece being a 50 billion dollar emergency allotment to the commerce department to increase semiconductor development and manufacturing now america's semiconductor manufacturing has eroded from 37 in the 1990s to just about 12 percent now senate majority leader chuck schumer said that the bill could be a turning point for america's leadership in the 21st century as a percentage of gdp we spend less than half as much as the chinese communist party on basic research we rely on foreign nations to supply cri supply critical technologies that we invented like semiconductors that sunny american optimism has flickered as well the world is more competitive now than at any time since the end of the second world war if we do nothing our days as the dominant superpower may be ending passing this bill now called the u.s innovation and competition act is the moment when the senate lays the foundation for another century of american leadership the bill called the us innovation and competition act aims to confront china's influence on multiple fronts and supercharge american innovation despite the overwhelming support the bill still needs to pass the house before going to president's desk.

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