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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.