The source said the bill would include, at a minimum, billions of dollars in subsidies for the semiconductor industry and an investment tax credit to boost U.S. manufacturing.
But that bill never became law. The House of Representatives never took it up, instead passing its own version in February similar to the Senate's measure but also includes a number of trade proposals. Senate Republican Leader Mitch McConnell said on Monday that if Democrats pursue a separate partisan social spending, tax and climate bill, it "will certainly crowd out our ability" to move ahead the bipartisan chips and China competition measure.Backers of the bill said its passage was essential for national security. Secretary of Defense Lloyd Austin issued a statement urging Congress to act.