This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Democrats Push to Revive $250 Billion Tech Investment Bill to Counter China
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Tech > Democrats Push to Revive $250 Billion Tech Investment Bill to Counter China
Tech

Democrats Push to Revive $250 Billion Tech Investment Bill to Counter China

Editorial Board Published January 21, 2022
Share
Democrats Push to Revive 0 Billion Tech Investment Bill to Counter China
SHARE

WASHINGTON—A $250 billion spending initiative to boost U.S. investment in high-tech research and manufacturing has stalled in the House, despite lawmakers’ increasing concerns over global competitiveness.

Contents
Mr. Schumer, who has long been concerned about U.S. competitiveness with China, led the campaign for the Senate version of the legislation.SHARE YOUR THOUGHTSU.S. and China

The Senate passed its version—dubbed the U.S. Innovation and Competition Act—last year with bipartisan supporters, saying the U.S. needs to make big investments in science and technology to meet the challenge posed by China and other global rivals.

The Senate bill includes about $52 billion for encouraging more semiconductor production in the U.S. That provision could benefit plans announced by Intel Corp. on Friday to invest in two new chip factories in Ohio, a company spokesman said.

The legislation has bogged down in the House, where many Democrats want the legislation to address broader societal goals, including economic inequality and climate change, potentially risking the loss of some Republican support.

Democratic leaders, frustrated that their bigger spending initiatives have bogged down in Congress, are aiming to smooth out differences over the technology spending measure quickly and turn it into a potential bipartisan accomplishment.

“This is a very, very important piece of legislation. We want to see this legislation passed,” House Majority Leader Steny Hoyer (D., Md.) said this week. “We’re going to be working very hard to get this.”

The U.S. wants to counter China’s influence around the world by providing everything from infrastructure to vaccines and green energy. WSJ’s Stu Woo explains how the plan, dubbed Build Back Better World, aims to compete with China’s Belt and Road Initiative. Photo composite: Daniel Orton

At a White House event on Friday with Intel officials, President Biden said the company’s announcement underscored the urgent need for Congress to pass the competitiveness package.

“I want other cities and states to be able to make announcements like the one being made here today,” he said. “Let’s get another historic piece of bipartisan legislation done. Let’s do it for the sake of our economic competitiveness and our national security.”

Biden administration officials, including Commerce Secretary Gina Raimondo, are adding to the push, saying the legislation is needed to keep the U.S. competitive and could also help tame domestic inflation.

But some of the same partisan divides that have plagued other Democratic spending initiatives in a contentious midterm year are emerging in the China competitiveness package as well.

Democrats, led by several influential committee chairs, want the bill to include funding for other priorities, such as social and economic inequality, vaccine diplomacy and climate change. They contend that the U.S. can’t be competitive globally without also addressing problems at home.

Rep. Eddie Bernice Johnson (D., Texas), chairwoman of the House Science, Space and Technology Committee, wrote the core of the House package. She said her panel had “two goals in mind—advancing U.S. competitiveness and technological leadership, and leveraging our scientific investments and the diversity of our STEM talent to better address societal challenges.”

She said the Senate’s version “falls short of meeting the needs of the scientific community and our nation.”

Some Republicans counter that view, saying the bill should be squarely focused on advancing U.S. technology, including promoting domestic semiconductor manufacturing, and not muddled by what Rep. Cathy McMorris Rodgers (R., Wash.) calls “duplicative government spending.”

Another critic in the House, Rep. Jim Banks (R., Ind.), the Republican Study Committee chairman, said the Senate bill spearheaded by Senate Majority Leader Chuck Schumer (D., N.Y.) falls short in response to Chinese theft of intellectual property and other misdeeds.

“House conservatives have long been concerned that Schumer’s China bill lacks teeth and focus,” he said. “We need to make confronting China’s malign activity here in the United States our top priority. This bill misses the whole point.”

In an interview, Commerce Secretary Raimondo said she is “cranking up the urgency” in her efforts to get lawmakers to focus on passing the legislation.

“I have calls pretty much every day with members of Congress, primarily in the House but also the Senate, reiterating how vital this is, how it relates to inflation,” Ms. Raimondo said.

Mr. Schumer, who has long been concerned about U.S. competitiveness with China, led the campaign for the Senate version of the legislation.

Photo: Stefan Jeremiah/Zuma Press

The Senate package would authorize about $190 billion in spending to strengthen U.S. advanced technologies to better compete globally, according to a Congressional Budget Office analysis, and allocate about $52 billion for encouraging more semiconductor production in the U.S.

Intel spokesman William Moss said the company’s plans to expand chip production in Ohio would “in theory” be eligible for the semiconductor funding. But that depends on Congress finally approving the funding for the previously adopted CHIPS Act, as well as details of the funding legislation.

“We hope that Congress will finish the job and fully fund the CHIPS Act to incentivize domestic chip production and help re-establish American technology leadership,” Mr. Moss said.

Ms. Raimondo said that spending would help alleviate computer chip shortages that have contributed to tight supplies—and higher prices—for cars, appliances, electronic devices and other consumer items.

“If Congress wants to do something about inflation, pass this act,” said Ms. Raimondo, the former Rhode Island governor and venture capitalist.

To further spur congressional action, the Commerce Department also will soon be releasing results of an in-depth survey it conducted of semiconductor suppliers and major businesses, underscoring the seriousness of shortages, she said.

The stalled legislation underscores the political challenge that leaders face in crafting legislation that will satisfy House Democrats—including progressives—while holding on to Senate Republicans.

SHARE YOUR THOUGHTS

Do you think the technology spending initiative will garner bipartisan support? Why or why not? Join the conversation below.

“What everyone is trying to figure out is how to make sure there’s enough [House] committee input while keeping the Republican support in the Senate,” said Rep. Ro Khanna (D., Calif.).

House Speaker Nancy Pelosi (D., Calif.), who supports the legislation, has been working behind the scenes to accelerate its passage.

A Democratic leadership aide said the House is currently assembling its package in preparation for final negotiations with the Senate. The House package is likely to have a more significant focus on fixing supply-chain problems than the Senate package, the aide said.

The Senate passed its version of the package on a 68-32 vote last June, with significant Republican support. Sen. Roger Wicker (R., Miss.) said it was needed to put the U.S. “a step ahead of China.”

Mr. Schumer, who has long been concerned about U.S. competitiveness with China, led the campaign in the Senate. He has pushed recently for federal support for proposed semiconductor labs in the Albany region of New York, which could be aided by part of the package focused on encouraging U.S. semiconductor manufacturing.

U.S. and China

More WSJ coverage, selected by the editors

Write to John D. McKinnon at [email protected] and Natalie Andrews at [email protected]

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

TAGGED:Tech NewsWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Microsoft’s Activision Blizzard Deal Poses Sustainability Challenge Microsoft’s Activision Blizzard Deal Poses Sustainability Challenge
Next Article Yellen Views Biden Policies as Modernized Supply-Side Economics Yellen Views Biden Policies as Modernized Supply-Side Economics

Editor's Pick

Kirill Dmitriev’s Vision: The Russia-Alaska Tunnel as a Geostrategic Imperative

Kirill Dmitriev’s Vision: The Russia-Alaska Tunnel as a Geostrategic Imperative

Executive Summary: A Strategic Announcement In a landmark social media post dated October 16, Kirill Dmitriev, Chief Executive Officer of…

By Editorial Board 6 Min Read
Ottawa’s culinary neighborhood mourns younger Inuk chef killed in stabbing
Ottawa’s culinary neighborhood mourns younger Inuk chef killed in stabbing

The final time Patrick Garland noticed Joshua Qiyuk, the younger chef was…

3 Min Read
The 2025 Denim Playbook: The Finest Denims and Manufacturers for Each Type | Fashion
The 2025 Denim Playbook: The Finest Denims and Manufacturers for Each Type | Fashion

We independently consider all advisable services. Any services or products put ahead…

6 Min Read

Oponion

Amber Heard Going By New Title Amid Mounting Elon Musk Controversies: Report

Amber Heard Going By New Title Amid Mounting Elon Musk Controversies: Report

Studying Time: 4 minutes Within the wake of her high-profile…

February 18, 2025

Tariff turbulence and political missteps: Rise up to hurry on the Ontario election

The Ontario election marketing campaign is…

February 8, 2025

Ford Doubles Production Goal for F-150 Electric Pickup

Ford Motor Co. F 11.67% doubled…

January 4, 2022

Meghan Markle Slammed as ‘Manipulative Liar’ Following St. Patrick’s Day Instagram Publish

Studying Time: 3 minutes Meghan Markle…

March 18, 2025

New SF Giants GM Zack Minasian wasn’t initially on Buster Posey’s radar

Buster Posey had a confession to…

November 2, 2024

You Might Also Like

One among Our Favourite Pairs of Binoculars Is  Off
Tech

One among Our Favourite Pairs of Binoculars Is $80 Off

Attempting to find an amazing pair of binoculars that you would be able to slip into your pockets for a…

3 Min Read
Zoom Uncomfortably Shut With Oppo’s Loopy New Telephoto Lens
Tech

Zoom Uncomfortably Shut With Oppo’s Loopy New Telephoto Lens

For a number of years, the highest Chinese language smartphone manufacturers have been duking it out for pictures dominance. Though…

3 Min Read
Adobe Now Lets You Generate Soundtracks and Speech in Firefly
Tech

Adobe Now Lets You Generate Soundtracks and Speech in Firefly

Adobe hasn’t shared a selected date but, however Firefly Picture Mannequin 5 will launch “in the months to come” following…

2 Min Read
This Sensible Calendar Tried to Set up My Household with AI, However It Received’t Substitute My Paper Planner But
Tech

This Sensible Calendar Tried to Set up My Household with AI, However It Received’t Substitute My Paper Planner But

I hate diary planning. When Sunday comes round I’ll do something to keep away from sitting down with the weekly…

3 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?