Faced with an urgent competitive threat from China, the Senate is poised to pass the most expansive industrial policy legislation in U.S. history.
The legislation would invest nearly a quarter-trillion dollars into manufacturing and technology. It is expected to pass with broad bipartisan support as early as Tuesday.
Both parties are embracing the enormous investment in semiconductor manufacturing, artificial intelligence research, robotics, quantum computing and a range of other technologies.
“Around the globe, authoritarian governments smell blood in the water,” Senator Chuck Schumer, Democrat of New York and the majority leader, warned in a recent speech on the Senate floor. “They believe that squabbling democracies like ours can’t come together and invest in national priorities the way a top-down, centralized and authoritarian government can.”
Courtesy – NYT