Biden zeroes in on chip shortage as part of jobs plan

"We need to build the infrastructure of today, not repair the one of yesterday," Biden told the virtual meeting of executives, holding a wafer-like chip.

"For too long, as a nation, we haven't been making the big, bold investments we need to outpace our global competitors."

Biden made the remarks as he seeks to push his $2 trillion infrastructure plan, which includes $300 billion aimed at expanding manufacturing, especially in disadvantaged areas and communities of color through loans, grants, investments and the targeted use of federal procurements.

The push is part of his broader focus on rebuilding U.S. manufacturing as a powerhouse for the world's largest economy - and a source of good-paying jobs - after years of declining investments and productivity growth, a senior administration official said.

Video Transcript

JOE BIDEN: Chips like the one I have here, these chips, these wafers, are batteries, broadband-- it's all infrastructure. This is infrastructure. So look, we need to build the infrastructure of today, not repair the one of yesterday. And the plan I propose is gonna create millions of jobs, rebuild America, protect our supply chains, and revitalize American manufacturing.

And it's gonna make American research and development a great engine again. We led the world in the middle of the 20th century. We led the world toward the end of the century. We're gonna lead the world again. We're gonna lead it again in the 21st century. We have the best minds in the country. Many of them are on the screen right now. And they know better than anyone that our competitiveness depends on where you invest and how you invest.

For too long as a nation, we haven't been making the big, bold investments we need to outpace our global competitors. We've been falling behind on research and development and manufacturing. And to put it bluntly, we have to step up our game. And I'm not ready to give up. I'm ready to work with all of you, with the Congress, both parties, to pass the American Jobs Plan and to make a once-in-a-generation investment in America's future.