From the New York Times, I'm Michael Babaro. This is a daily

Mr. Romney I is clobbuchar I Mr. McConnell I

On Tuesday night the a's are 68 the nays are 32

The 60 vote threshold having been achieved the bill is passed

The United States Senate overwhelmingly passed the kind of historic and sweeping spending bill that typically triggers bitter partisan warfare

Today

David Sanger on why this bill did not

It's Wednesday June 9th

David describe this legislation that was just adopted by the US Senate

Michael this is quite simply put the biggest example of industrial policy that the United States has put together

Perhaps in its history, but certainly in many decades and what is industrial policy?

Industrial policy Michael means using taxpayer dollars

to go direct funds to specific industries

Research initiatives or actual manufacturing plants to involve the US government directly in the private sector economy

By injecting massive amounts of capital that in the normal American way would be raised first by venture capitalists and then on the stock market

And just how much capital are we talking about we're talking about a quarter of a trillion dollars over five years

So even by Washington standards, that's a lot of money and

You know, it's not the first time that the US government is invested in these things

We do other investments, right like the defense advanced research projects agency part of the Pentagon has been doing this for years

But their budget is three billion dollars a year. That's what president Biden asked for for this year

So it gives you a sense of just how huge an injection of capital in the high tech part of the economy that the Senate bill would require

Mm-hmm. And which industries exactly

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