News

Biden to Press for 37B to Boost Chip Output amid Shortfall

0

President Joe Biden said on Wednesday 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.

Biden also signed an executive order on Wednesday 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.

Im 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. Ill push for that as well.

The White House said his remarks were in reference to measures aimed at boosting chip manufacturing capacity that were included in this years National Defense Authorization Act but which require a separate appropriations process to garner funding.

The chip industry has pressed the Biden administration and Congress to take action to fund the provisions of the law. We urge the president and Congress to invest ambitiously in domestic chip manufacturing and research, the Semiconductor Industry Association SIA said earlier on Wednesday.

Bidens executive order launched a 100day review…

Powell Comments Spark RiskOn Mood; Jobless Claims

Previous article

Stock Markets Look Frothy

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News