Senate Advances $280 Billion Bill Subsidizing Chip Manufacturing, Technology

The Senate voted 64 to 32 to advance a $280 billion package of subsidies and research funding to boost US competitiveness in semiconductors and advanced technology. The vote required 60 votes to advance in the evenly divided Senate. Seventeen Republicans joined with all but one member of the Democratic caucus present to move the bill forward. Four senators were absent. A final Senate vote is expected as early as July 27, and then the bill must be approved by the House. The package is set to give a big boost to domestic chip production, seen by the White House and leaders in both parties as critical to the US supply chain and national security, as most semiconductors are imported from overseas. Shortages have also helped drive prices sharply higher for cars and other goods in recent years, and proponents say the bill will help cool consumer costs.