President Donald Trump said Tuesday U.S. lawmakers should get rid of a landmark 2022 bipartisan law to give $52.7 billion in subsidies for semiconductor chips manufacturing and production and use the proceeds to pay the national debt.
"The CHIPS act is a horrible, horrible thing," Trump said in front of a joint session of Congress. "We give hundreds of billions of dollars, and it doesn't mean a thing. They take our money, and they don't spend it.
"You should get rid of the CHIPS Act and whatever is left over, Mr. Speaker, you should use it to reduce debt."
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