Schumer called the measure 'one of the most important things this chamber has done in a very long time, a statement of faith in America's ability to seize the opportunities of the 21st century.' It is seen as crucial for US efforts to avoid being out-maneuvered by Beijing as the adversaries compete in the race to technological innovation. The package, a key provision of which addresses a shortage of semiconductors that has slowed US auto production this year, will help US industry bolster its capacity and improve technology. America must maintain its position as the most innovative and productive nation on Earth.' 'As other countries continue to invest in their own research and development, we cannot risk falling behind. 'We are in a competition to win the 21st century, and the starting gun has gone off,' Biden said. The two will have to be reconciled into a single bill before it is sent to the White House for the president's signature.Д«iden said he was 'encouraged' by the Senate's passage of the United States Innovation and Competition Act. The bill now heads to the House of Representatives, which earlier passed a different version. It also represents the largest investment in scientific research and technological innovation 'in generations,' according to Senate Majority Leader Chuck Schumer.

With both American political parties increasingly worried about competition from Asia's largest power, the measure cleared the chamber on a 68-32 vote, one of the most significant bipartisan achievements in Congress since Joe Biden's presidency began in January. The US Senate passed a sweeping industrial policy bill Tuesday aimed at countering a surging economic threat from rival China, overcoming partisan divisions to support pumping more than $170 billion into research and development.

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