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Senate Passes $250B US Competitiveness Bill to Advance Research, Tech Development

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The Senate voted 68-32 to pass bipartisan legislation that would authorize nearly $250 billion for scientific research, technology development and manufacturing efforts meant to increase U.S.’ global competitive position, NBC News reported Tuesday.

The U.S. Innovation and Competition Act calls for domestic investments in artificial intelligence, quantum computing, chip technology and space exploration as the federal government works to address rising competition from China.

“This legislation addresses key elements that were included in my American Jobs Plan, and I am encouraged by this bipartisan effort to advance those elements separately through this bill,” President Biden said.

“As other countries continue to invest in their own research and development, we cannot risk falling behind.  America must maintain its position as the most innovative and productive nation on Earth.”

The bill would allocate a five-year. $29 billion budget to establish a technology and innovation directorate within the National Science Foundation (NSF) and another $52.7 billion to incentivize domestic semiconductor manufacturing work.

House lawmakers will take up their version of the legislation following the Senate approval.

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