Joe Biden presses Congress to pass $52 billion semiconductor subsidies

President Joe Biden on Monday pushed Congress to pass a bill providing domestic semiconductor manufacturers with $52 billion in subsidies to cut reliance on foreign sourcing for the vital component.

Speaking to senior economic and national security staff and representatives from manufacturers and a trade union, Biden said government backing for domestic producers means the United States will “be able to stay in the game.”

“Congress must pass this bill as soon as possible,” he said, citing both the economic and national security “imperative” of securing production of the tiny components needed for everything from smart phones to cars and weapons.