Trump Called the CHIPS Act a 'Horrible Thing.' Cutting Off Funding Might Not Be so Straightforward
The future of the $52.7 billion CHIPS Act hangs in the balance after President Trump's comments during his joint address to Congress, suggesting that the legislation is "a horrible thing." However, sources close to the matter indicate that there are currently no plans to kill the bipartisan law, which was passed and signed into law by former President Joe Biden in 2022. The Commerce Department has already allocated or paid out some $36 billion of the funds related to the act for projects across the country.
- Trump's comments about the CHIPS Act may be a strategic ploy to pressure lawmakers into revising the legislation, potentially leading to more favorable terms for American companies.
- What would be the consequences for the US economy and national security if the CHIPS Act were repealed or significantly amended, and how would this impact the country's ability to defend itself in an increasingly competitive technological landscape?