$ 280 billion industrial policy bill passed by US Senate, a big blow to China in business
Washington: The United States Senate has approved the historic USD 280 billion Chips and Science Act. It aims to increase science and technology innovation while reducing dependence on China in semiconductors, manufacturing, and other technologies. On Thursday, the Senate passed the bill 243 to 187, with 24 Republicans voting along with 219 House Democrats. Amidst the tension between the US-China, the US Senate has passed a bill that is sure to chill Beijing.
Let us tell you that the US Senate passed a massive $ 280 billion bill aimed at building America’s manufacturing and technological edge to counter China. The massive bipartisan vote in favor of the bill has been considered the most significant government intervention in industrial policy in decades. The bill was passed in the US Senate with the consensus of members of both parties. Polarized Congress reflects a rare consensus in favor of investing federal resources in a comprehensive industrial policy to counter China, which uses federal funds in cutting-edge technologies and innovations to enhance the country’s industrial, technological and military might. focused on investing.
Republican members have also voted in favor of the bill. The bill received 64 votes in favor and 33 against, with 17 Republican members voting in support. The US House of Congress has 535 voting members. There are 100 voting officers in the US Senate, and 435 voting officers in the House, as well as five representatives and one resident commissioner. The US Senate has 100 polling officials, including 50 from the Republican Party, 48 from the Democratic Party, and two independents. Both independents have extended their support to the Democratic Party. The legislation will then be considered by the House, where it is expected to pass with some Republican support. President Biden, who has backed the package for more than a year, is expected to sign it into law as early as this week.