The legislation is a central piece of Democrats' midterm messaging on fighting inflation, but the impact on prices for cars, computers and refrigerators won't be felt for years.
of the bill — authored by Majority Leader Chuck Schumer, D-N.Y., and Sen. Todd Young, R-Ind. — in a big, bipartisan 68-32 vote, with 19 Republicans joining all but one Democrat.a partisan version, the America Competes Act, a much broader bill that contains climate change and labor provisions favored by liberals.
Young, who likely will win a spot on the conference committee, is aiming for a House-Senate deal by the Fourth of July, though that timeline could slip to just before the August congressional recess. Schumer and his fellow Democrats have been doing their best to show they share the pain voters are feeling in their pocketbooks. In a floor speech this week, the Senate leader said the bill to make America more competitive with China would address the chip shortage, which he called “an especially severe scourge on American families.”
But Democrats’ message that the competitiveness bill will lower costs is being met with heavy skepticism from Republicans. Democrats “are just looking for some vehicle that will help them with an issue they haven’t faced up to, so I don’t know how that impacts inflation,” added Sen. Shelley Moore Capito, R-W.Va., who supports the bill.
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