The US Senate, on Tuesday, passed a $250Billion bill that is meant to put the American Tech industry in a better position to compete with China.

The bill which is called "The United States Innovation and Competition Act" was passed 68-32 by the Senate. 

The bill calls for $50 billion in immediate funding for American businesses that make computer chips, the creation of a new technology division within the National Science Foundation to focus on artificial intelligence and $10 billion to go to the Commerce Department so it can invest in new technology hubs.

Senate Majority leader Chuck Schummer said the bill will be creating new industries and he hoped some outside New York, San Francisco, and Austin.

"There will be millions of Americans in good-paying jobs because of the investments we're making in the next 10 years," Schummer, the lead author of the bill, said. "There will be new industries starting and hopefully, not just in New York City and in San Francisco and Austin, but also smaller places."

In a statement, President Biden said that "as other countries continue to invest in their own research and development, we cannot risk falling behind. America must maintain its position as the most innovative and productive nation on Earth."

The bill is also said to provide millions of dollars "to counter the Chinese Communist Party's political influence."