Vivek Ramaswamy took to social media Tuesday to criticize the Biden administration for its rapid allocation of $50 billion in chipmaking subsidies.

In a post on X, previously known as Twitter, Ramaswamy shared a Politico interview where Commerce Secretary Gina Raimondo detailed her plans to speed up the CHIPS and Science Act. Ramaswamy also said that members of the Biden administration aim to finalize the funds before President-elect Donald Trump assumes office in January.

During the interview with Politico, Raimondo said she intends to obligate nearly all the designated funds before Jan. 20.

“I’d like to have really almost all of the money obligated by the time we leave,” Raimondo told Politico.

Post-election, the Biden team secured more than $16 billion in final awards for five companies, including TSMC, GlobalFoundries, Rocket Lab, BAE Systems, and Intel. Prior to these awards, only a single contract of $123 million had been granted to Polar Semiconductor in Minnesota, Politico reported.

Ramaswamy revealed Monday that he, along with Elon Musk’s newly formed Department of Government Efficiency (DOGE), plans to scrutinize each contract issued in the 11th hour under the CHIPS Act, as well as other fiscal endeavors from the Biden era, such as the Inflation Reduction Act. He intends to propose that inspectors general examine these expenditures closely.

“Wasteful subsidies under the IRA & CHIPS Act are being rapidly pushed out before Jan 20. DOGE will review every one of these 11th-hour gambits & recommend that Inspectors General scrutinize these last-minute contracts,” Ramaswamy said.

Trump appointed Ramaswamy and Musk to lead the DOGE and reduce unnecessary regulations and spending. Ramaswamy previously outlined the DOGE plan, mandating that federal employees return to full-time office work.

Mariane Angela
November 26, 2024

Featured Image Credit: Gage Skidmore from Surprise, AZ, United States of America

(Visited 220 times, 1 visits today)