Senate approves $250B bill to boost US technology manufacturing

The U.S. Senate has approved a major bipartisan industrial bill to boost the country's technology manufacturing and increase competitiveness with China, with some funds going toward computer chip production.

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The $250 billion bill, the U.S. Innovation and Competition Act, passed 68-32 on Tuesday. In its current form, it provides $52 billion for domestic semiconductor manufacturing, a 30% funding boost for the National Science Foundation, and $29 billion to fund a new applied sciences directorate, The Wall Street Journal reported Tuesday.

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