Final passage of the bill in the Senate is expected this week. It will then need to go to the House for approval before it can be sent to President Joe Biden for his signature.
The bill sets up incentives for domestic semiconductor manufacturing as well as research and development and includes more than $50 billion in funding.
Senate Majority Leader Chuck Schumer praised the bill in remarks on the Senate floor Tuesday morning.
“It’s a major step for our economic security, our national security, our supply chains and for America’s future,” Schumer said.
“It will make historic investments to scientific research. It will take direct aim at our nation’s chip crisis,” he said, calling it, “one of the most consequential bipartisan achievements of this Congress.”
Lawmakers are now racing the clock in an effort to finalize key priorities before leaving Washington to return to their home states and districts for the August summer recess.
“We want to finish our work on the PACT Act before the end of the week. Our nation’s veterans have waited long enough to get the benefits they need to treat the complications from toxic exposure in the line of duty,” Schumer said on Tuesday.
Senate Democrats are also hoping to move a scaled-back legislative package on a party-line vote before the August recess.
This story has been updated with additional developments Tuesday.
CNN’s Manu Raju and Ted Barrett contributed to this report.
Source : CNN
