Outgoing Commerce Secretary Gina Raimondo is working to spend as much money as possible from President Joe Biden's signature bill before the incoming Trump administration takes office, according to Politico.
Congress has greenlit $50 billion in subsidies for microchip manufacturing as part of Biden's CHIPS and Science Act of 2022, and Raimondo wants to make sure the subsidies are available as much as possible as President-elect Donald Trump's return to the White House looms. We are trying to get it into the hands of companies as soon as possible. she said politiko.
Mr. Trump has promised to restore billions of dollars granted under Biden-era laws and programs, and he will have a majority in the House and Senate to support it when he takes office in January 2025. It will be. (Related: Biden's plan to boost U.S. chip manufacturing already faces setbacks)
DNC Reporter: Do you think Mr. Kamala is responsible for misreporting the payroll numbers?
Gina Raimondo: “I can't believe it because I've never heard President Trump say anything true.”
Reporter: “That’s from the Labor Bureau.”
Gina Raimondo: “I don't know…” pic.twitter.com/ePMPsFgjF7
— Daily Caller (@DailyCaller) August 22, 2024
“I would like to have almost all the money repaid by the time I leave,” Raimondo told Politico. “That is our goal and we hope to complete all major announcements related to leading edge companies.”
“We also want to fully withdraw that research and development funding by the time we leave,” Raimondo told the outlet.
Raimondo said Trump should be “extinguished” in September after being targeted for the second time, but if confirmed by the Senate, his successor would be Cantor Fitzgerald CEO ( CEO) Howard Lutnick will become the head of the Department of Commerce.
Raimondo plans to rush federal funding to supporters, but not so much about Trump and his team trying to drastically cut funding for CHIPS and the Science Act. He also told Politico that he's not worried.
“As you say, I'm not really worried about tip money being rolled back,” Raimondo told the magazine. “So the Department of Commerce is somewhat unique in that everything we've ever done and everything we're doing now is bipartisan. And the CHIPS Act is a national security program, and today It has huge bipartisan support.In fact, as you know, it started with the Trump administration.”
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