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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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.”

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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