This bill is a giant taxpayer subsidiary for one of America’s most profitable corporations. Intel.

The Senate voted Wednesday to pass a bill to subsidize US semiconductor production to increase American competitiveness.

It passed the senate with bipartisan support, 64 to 33.

The bill will go to the House for approval before it can be sent to President Biden for his expected signature.

The legislation addresses a semiconductor chip shortage and makes the US less reliant on other countries such as China for manufacturing. Supporters say the measure is essential not only for US technological innovation but also for national security.

It sets up incentives for domestic semiconductor manufacturing and research and development and includes more than $50 billion in funding for that aim. It consists of several provisions aimed at bolstering scientific research. The final price tag is expected to dwarf the $50 billion, with some Washington D.C. insiders saying the final spending measure will be more in the $200-300 billion range.

Senate Majority Leader Chuck Schumer has praised the bill as a significant bipartisan achievement and touted it as highly consequential.

“It’s a major step for our economic security, our national security, our supply chains, and for America’s future,” Schumer said of the legislation in remarks on the Senate floor this week.

Schumer described the bill as “one of the most consequential bipartisan achievements of this Congress.”

“It will make historic investments in scientific research. It will take direct aim at our nation’s chip crisis,” he said.

GOP Sen. Todd Young of Indiana, who worked closely with Schumer and other senators over a long process of negotiations, praised the bill for “unleashing the potential of our people in out-competing and out-innovating our global rivals who don’t share our values or economic interests.”

But the bill has not escaped all criticism.

Republican Sen. Rick Scott of Florida said, “This is not an anti-China bill. This is not a national security bill. This is just a free giveaway to a bunch of billion-dollar corporations that wanted no accountability.”

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