The Senate on Wednesday passed its $280 billion technology spending bill aimed at boosting domestic semiconductor manufacturing and spurring scientific research in a key legislative win for President Biden ahead of Congress’ August vacation.
The bill, which includes a long-stalled $52 billion payout to chip manufacturers, passed 64-33 in the chamber following administration warnings that time was running out before U.S. companies pulled their domestic investments and set up shop overseas.
“For decades, some ‘experts’ said we needed to give up on manufacturing in America,” President Biden said in a statement praising the Senate’s passage of the bill.