U.S. 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.