The fate of bipartisan legislation to boost U.S. competitiveness with China could be imperiled by political battles. Senate Majority Leader Charles Schumer (D-N.Y.) aims to pass a party-line economic package to lower drug prices and raise taxes on high earners despite Senate Minority Leader Mitch McConnell’s (R-Ky.) threat to block the China-centric measure if Democrats move forward with a reconciliation bill. The push and pull between Senate leaders could undermine legislation that would provide $52 billion in subsidies to restore domestic semiconductor manufacturing, along with other measures aimed at shoring up the nation’s supply chains and reducing U.S. dependence on China.
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