The legislation — which has been referred to as the “CHIPS Act” but which Senate Majority Leader Charles E. Schumer (D-N.Y.) dubbed the “Chips and Science” bill Tuesday — resembles the United States Innovation and Competition Act, the original form of the bill that cleared the Senate last year but ran aground in the House.

On Tuesday morning, the Senate voted 64-32 to limit debate and move the bill toward a final vote. If the Senate passes the bill, as expected, it would then move to the House, where Speaker Nancy Pelosi (D-Calif.) has said it has the support for passage.

President Biden has said the chips funding legislation is one of the top priorities on his agenda, and convened a virtual meeting Monday with a group of business and labor leaders to discuss the bill’s importance.