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International relations

US Senate passes $250bn China competition bill

Whoever harnesses AI and quantum computing will own the future, Schumer warns

NEW YORK -- The U.S. Senate passed comprehensive legislation Tuesday with provisions for $250 billion in R&D-related and other spending, aiming to take on China as the two countries compete for technological leadership.

The United States Innovation and Competition Act, incorporating the earlier Endless Frontier Act, passed by a 68-32 vote. Over five years, it appropriates $52 billion in emergency funding for the semiconductor sector and authorizes $81 billion in spending by the National Science Foundation.

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