Senate approves bill to boost tech industry and counter rivals like China

The Senate overwhelmingly approved a bill Tuesday that aims to boost U.S. semiconductor production and the development of artificial intelligence and other technology in the face of growing international competition, most notably from China.

The 68-32 vote for the bill demonstrated that confronting China economically is an issue that unites both parties in Congress. That's a rarity in an era of division as pressure grows on Democrats to change Senate rules to push past Republican opposition and gridlock. The centerpiece of the bill is a $50 billion emergency allotment to the Commerce Department to stand up semiconductor development and manufacturing through research and incentive programs previously authorized by Congress. The bill's overall cost would increase spending by about $250 billion with most of the spending occurring in the first five years.