U.S. Senate passes bill to boost chip manufacturing, compete with China

WASHINGTON: The U.S. Senate on Wednesday passed sweeping legislation to subsidize the domestic semiconductor industry, hoping to boost companies as they compete with China and alleviate a persistent shortage that has affected everything from cars, weapons, washing machines and video games.

The House of Representatives plans to vote on Thursday on the long-awaited bill after the Senate passed it on a 64 to 33 bipartisan vote. If approved as expected, President Joe Biden plans to sign it into law early next week.