White House Warns Of The Effects Of Semiconductor Shortage

Share post:

The White House warned U.S. lawmakers on Wednesday of the risk the semiconductor shortage could pose to the American economy.

To address this issue, the White House called for $52 billion in funding to be used to subsidize production.

“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 said.

The semiconductor shortage left several industries unable to meet their production targets. Apart from using financial backing to address the situation, the U.S. government is also trying to reduce dependence on other countries for semiconductors.

Participants in the briefing include Commerce Secretary Gina Raimondo, Deputy Defense Secretary Kathleen Hicks and National Security Advisor Jake Sullivan.

For more information, read the original story in Reuters.

SUBSCRIBE NOW

Related articles

Cyber Security Today, Week in Review for week ending May 24, 2024

Welcome to Cyber Security Today. I'm Howard Solomon, contributing reporter on cybersecurity for TechNewsday.com. My guest this week is...

Cyber Security Today, May 24, 2024 – A threat actor leverages Windows BitLocker in ransomware attacks, beware of ORB networks, and more

A threat actor leverages Windows BitLocker in ransomware attacks, beware of ORB networks, and more. Welcome to Cyber Security...

Canada centralizing cybersecurity efforts of federal IT departments

Federal departments and agencies are making only marginal progress in improving their cyber maturity, Ottawa said Wednesday as...

US federal government no longer requires degree for cybersecurity jobs. Hashtag Trending Wed May 1st

The US federal government relaxes the requirement for university degrees for cyber security professionals, a new study finds...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways