Commerce Sec’y Raimondo: Increasing Deficit, Loans to China for Chips Bill Is ‘a Drop in the Bucket,’ ‘Can’t Put a Price’ on Security

During an interview aired on Tuesday’s “PBS NewsHour,” Commerce Secretary Gina Raimondo responded to concerns that the CHIPS Act semiconducter chip manufacturing bill isn’t paid for and would increase loans from China in the name of getting away from dependency on China by stating that “We can’t put a price on our national security.” And “$52 billion is really a drop in the bucket, so that we can have peace of mind and national security.”

“NewsHour” Correspondent Lisa Desjardins asked, “So, one thing I’ve noticed about this bill is, it isn’t paid for. This is — this would be adding to the deficit. Why is it worth adding to our loans…including loans from China, in order to boost our competitiveness with China?”

Raimondo responded, “Because this is about national security. We can’t put a price on our national security. Right now, the United States is denying semiconductors to Russia. And, as a result, their satellites and military equipment are literally falling out of the sky because they don’t have semiconductors. That could be us. If Taiwan or China decided not to supply the United States chips, that would be us. We wouldn’t be able to defend ourselves. So I think $52 billion is really a drop in the bucket, so that we can have peace of mind and national security.”

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