Biden to press for $37 billion to boost chip manufacturing amid shortfall

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.

“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.”

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