Biden Asks Congress for $52B for US Chip Production
April 8, 2022—As the semiconductor supply chain issues continue to affect the automotive industry, the White House has asked Congress for $52 billion in subsidies for production stateside.
In 1990, the United States produced nearly 40% of all semiconductor chips worldwide. Today that number is 12%.
"A significant interruption to our supply of semiconductors could cause historic damage to the U.S. economy—damage far greater than the impact of chips shortages on the American auto industry right now—and would undercut our technological competitiveness and military advantages over adversaries globally," the White House told Reuters.