The Commerce Department is calling for all dollars allocated under President Biden's CHIPS and Science Act to be spent before President-elect Donald Trump enters the White House, Commerce Secretary Gina Raimondo said. He said this in an interview this week.
As told to Politico, Raimondo said the agency's goal is to “actually oblige almost all of the funding” by the end of Biden's term, and that the upcoming transition to the Trump administration represents a “clear deadline.”
“That's the goal. And we want to complete all the major announcements related to leading edge companies,” Raimondo said. “We also want to fully spend that research and development funding by the time we leave.”
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A worker checks the production of electronic chips at the production plant of the company's high frequency and power device manufacturing center in Chongqing, China, on May 9, 2023.
Raimondo told Politico that he worked all weekend to shore up spending and has been pushing the department's staff hard to make these goals a reality.
CHIPS and the Science Act, among other programs aimed at boosting domestic chip manufacturing, will total approximately $53 billion to bring semiconductor supply chains back to the United States and support investments in research and development initiatives and other programs. assigned.
So far, only two companies have formalized binding awards to receive funding. According to Politico, And to get all the CHIPS Act funding before President Trump's arrival, officials will need to shore up multiple multibillion-dollar deals. The ministry has so far granted many grants provisionally, but many are embroiled in complex negotiations. wall street journal Reported.
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The Biden administration wants to spend every dollar allocated under the President's Chips and Science Act.
Meanwhile, President Trump publicly shared plans to recoup much of Biden's spending over the past four years and mocked Biden's CHIPS Act: “Very bad” He has also expressed enthusiastic support for trade tariffs, which President Trump could use to boost domestic manufacturing rather than pumping more money into the country.
On Tuesday, President Trump announced his selection of Cantor Fitzgerald CEO Howard Lutnick to replace Raimondo. Lutnick has expressed support for President Trump's trade tariffs and government spending cuts.
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The Department of Commerce did not provide on-the-record comment to Fox News Digital prior to publication of this article.
