(WSYR-TV) — The United States could soon spend billions of dollars on semiconductor manufacturing. Lawmakers are weighing legislation to invest in the industry in ways that could have impacts on the economy and national security.

Congress is working on a deal to spend more than $50 billion in financial incentives for companies to build semiconductor plants. Sen. Mark Warner, D-Va., has been leading the push for that legislation.

“There’s probably no industry that is more critical to the overall health of the economy,” Warner said.

That’s because the chips are used in virtually every electronic from phones to cars to military equipment. It’s a category where Deputy Commerce Secretary Don Graves says the U.S. has fallen behind.

“The rest of the world is wooing away these companies that are really ready to make investments in the United States,” Graves said.

If lawmakers don’t pass something soon, there’s concern the U.S. will lose out entirely.