Majority of U.S. Senate backs bill boosting chipmakers, to compete with China

A majority of the U.S. Senate on Wednesday backed 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 to washing machines.

As voting continued, the Senate backed the bill by 54 to 27. The House of Representatives is expected to approve it as soon as later this week, sending it to President Joe Biden for his signature.