The Senate voted 68-32 on Tuesday to approve a sweeping China-focused global competition bill, overcoming Republican objections that had threatened to derail the $200 billion+ bipartisan package.
Why it matters: The bill's supporters cite the measure as evidence that the deeply divided Senate can still function on a bipartisan basis, despite the last-minute chaos that forced Majority Leader Chuck Schumer (D-N.Y.) to delay final passage for weeks.
How we got here: The foundation of the U.S. Innovation and Competition Act is a wide-ranging bipartisan proposal from Schumer and Sen. Todd Young (R-Ind.) that would authorize new funding for the National Science Foundation (NSF) and establish a new technology directorate.
Details: The centerpiece of the legislation is $50 billion in emergency funding for the Commerce Department to boost domestic semiconductor production, in light of the global chip shortage.
What they're saying: “Around the globe, authoritarian governments smell blood in the water,” Schumer said in a speech on the Senate floor.