From Wikipedia: Fabs require many expensive devices to function. Estimates put the cost of building a new fab over one billion U.S. dollars with values as high as $3–4 billion not being uncommon. TSMC invested $9.3 billion in its Fab15 300 mm wafer manufacturing facility in Taiwan.[1] The same company estimations suggest that their future fab might cost $20 billion.[2]

So the total amount of this bill would be enough to build a new fab (in theory, not in practice). Still, I think you're right that, short of nationalizing US fabs and building a new one outright, this isn't going to bring the US back on par with other countries.