Biden Official “We are imploring Congress to pass the CHIPS Act. It has to happen by Christmas. This cannot take months,” [CNN]

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edition.cnn.com/2021/12/02/business/inflation-chip-shortage-raimondo/index.html

the Biden administration is championing the CHIPS for America Act, a $52 billion bill that would encourage domestic semiconductor production and research.

“The shortage has exposed vulnerabilities in the semiconductor supply chain and highlighted the need for increased domestic manufacturing capacity.”

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In recent months, Apple, Ford, General Motors and other companies have been forced to slow production of their products in large part due to the chip shortage.

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The chip shortage has significantly contributed to the biggest inflation spike in three decades.

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