On March 28, local time, according to Reuters, the U.S. Senate reapproved a bill to provide $52 billion in subsidies for U.S. semiconductor chip manufacturing on Monday, hoping to reach a compromise after months of discussions.

A vote of 68 in favor and 28 against will be sent back to the House of Representatives. It's a cumbersome process that culminates in a formal process known as a "conference," where members of the House and Senate will seek compromises and reach an agreement.

The chip bill, first passed by the Senate in June last year, also authorizes $190 billion to bolster U.S. technology and research to compete with China. The House passed the bill in early February.

The bills take different approaches to addressing U.S. competition with China on a wide range of issues, including some trade and climate provisions.

Senate Commerce Committee Chair Maria Cantwell said the vote was critical "to get us to real negotiations."

White House spokeswoman Jen Psaki said the Senate vote was another step in "strengthening our supply chain, making more products in the U.S., and outcompeting China and the rest of the world for decades to come." We also look to the House of Representatives to act swiftly to initiate formal proceedings. "

A top House Democratic aide said the House would work on the bill, sending it back to the Senate as early as later this week. The Senate needs another vote to start the session, and a final deal may not be reached until the summer.

Independent Senator Bernie Sanders, however, criticized the $52 billion subsidy, calling it "corporate greed" and saying taxpayers should receive warrants or equity from profitable chip companies in exchange for the subsidy.

"The financial gain these companies receive must be shared with the American people, not just wealthy shareholders," Sanders said.

U.S. Commerce Secretary Gina Raimondo pointed out that 20 years ago, the United States produced nearly 40 percent of the world's chips, and today it accounts for only 12 percent of global production. The Senate vote brings the U.S. "one step closer to revitalizing U.S. semiconductor manufacturing, securing our critical supply chain and bringing high-quality manufacturing jobs home."