US allots $170B in R&D to beat China


Sumary of US allots $170B in R&D to beat China:

  • LET GET READY Senate Majority Leader Chuck Schumer talks to reporters on Capitol Hill in Washington on June 8, 2021..
  • Schumer led other senators in enacting a bill that will make America a global leader in research and development, a vital flash point to counter China massive control and influence over almost all industries..
  • The US Senate passed a sweeping industrial policy bill on Tuesday (Wednesday in Manila) aimed at countering a surging economic threat from rival China, overcoming partisan divisions to support pumping more than $170 billion into research and development (R&D)..
  • With both American political parties increasingly worried about competition from Asia’s largest power, the measure cleared the chamber on a 68-32 vote, one of the most significant bipartisan achievements in Congress since Joe Biden’s presidency began in January..
  • Majority of US priority industries received budget cuts to pave the way for the very costly Obamacare program from 2009 to 2017..
  • Schumer called the measure “one of the most important things this chamber has done in a very long time, a statement of faith in America’s ability to seize the opportunities of the 21st century.”…

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