Biden to press for $37 billion to boost chip manufacturing amid shortfall
President Joe Biden said he would seek $37 billion in funding for legislation to supercharge chip manufacturing in the United States as a shortfall of semiconductors has forced U.S. automakers and other manufacturers to cut production, Trend reports citing Reuters.
Biden also signed an executive order aimed at addressing the global semiconductor chip shortage that has alarmed the White House and members of Congress, administration officials said.
The scarcity, exacerbated by the pandemic, was also the subject of a discussion between Biden and a bipartisan group of U.S. lawmakers at the White House on Wednesday.
“I’m directing senior officials in my administration to work with industrial leaders to identify solutions to the semiconductor shortfall,” Biden said on Wednesday. “Congress has authorized a bill but they need ... $37 billion to make sure that we have this capacity. I’ll push for that as well.”