SAN JOSE – The Semiconductor Industry Association is calling on Congress to put aside its differences and agree on a plan to address the financial crisis.

“There is broad agreement that the federal government must take action promptly to address the current financial crisis,” said SIA president George Scalise in a press release. “The issues that contributed to the failure of the recovery legislation Monday can be resolved, but it will take bipartisan cooperation.

SIA said Congress must restore consumer confidence by taking action on a recovery package this week. “Consumer demand accounts for more than two-thirds of the U.S. economy,” Scalise said. “A slowdown in sales of a broad range of consumer products such as personal computers, cellphones, and entertainment electronics would have an adverse impact on semiconductor sales in the fourth quarter, which is normally the strongest quarter for the chip industry.

“The entire supply chain including our suppliers and customers will be harmed if access to credit becomes difficult. Restoring consumer confidence must be a top-priority in crafting legislation that can achieve strong bipartisan support. As long as consumers have major concerns about job security, the value of their retirement portfolios, and their home equity, consumer spending could be curtailed, leading to an overall economic slowdown,” he said.