: Exclusive: Three possible outcomes for stalled tech-funding bill, according to its co-author

by | Jul 14, 2022 | Stock Market

Rep. Ro Khanna had high hopes for a multibillion-dollar U.S. innovation bill he helped write: It was bipartisan from the start and was passed by both branches of Congress. But as lawmakers seek to bring compromise legislation to President Joe Biden’s desk, partisanship is holding up the U.S. Innovation and Competition Act. Senate Minority Leader Mitch McConnell said at the end of June he won’t support it — though he voted for a version last year — as long as Democrats pursue their priorities on climate, energy and taxes in the budget reconciliation bill.

In an interview with MarketWatch on Thursday, Khanna — a Democratic representative from Silicon Valley — called the holdup “malpractice” and a “dereliction of duty of the United States Congress.” McConnell’s office did not return a request for comment. Khanna laid out three options for moving forward with what he calls “the largest investment in science, technology and advanced manufacturing since the Kennedy years.” Khanna’s first and preferred option is to pass the compromise legislation in the Senate and ensure two or three key priorities from the House version are included. Even after reports Thursday that Sen. Chuck Schumer is telling senators to expect a preliminary vote next week on a slimmed-down innovation bill, Khanna said he remains hopeful about the passage of a more robust bill. The congressman said the second option is to pass the Senate version of the bill in the …

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