In response to MAGA Speaker Mike Johnson saying the GOP would repeal the Biden-Harris administration’s historic CHIPS and Science Act, DNC Rapid Response Director Alex Floyd released the following statement: 

“Just days after MAGA Mike Johnson confirmed Republicans are planning to launch a ‘massive’ new attack on the Affordable Care Act, he’s now admitting that a Republican-controlled Congress under Donald Trump and JD Vance would repeal billions in funding delivered by the Biden-Harris administration that is fueling jobs and innovation across the country. Trump and MAGA Republicans’ closing argument attacking their fellow Americans while running on a dangerous, unpopular agenda makes clear our country can’t risk a second Trump term.”

🚨BREAKING: MAGA Speaker Mike Johnson confirmed that if Republicans gain control of Congress and Trump wins, they “probably will” try to repeal the bipartisan CHIPS and Science Act.

Luke Radel, CitrusTV News: “The former President has said he doesn’t support the CHIPS and Science Act. You voted against it. If you have a Republican majority in Congress and Trump in the White House, will you guys try to repeal that law?”

Mike Johnson: “I expect that we probably will […]”

Just last week, Donald Trump railed against the CHIPS Act, calling it “so bad” …

New York Times: “Former President Donald J. Trump on Friday blasted the CHIPS and Science Act, a bipartisan law aimed at reducing America’s reliance on Asia for semiconductors by providing billions in subsidies to encourage companies to manufacture more chips in the United States.

“‘That chip deal is so bad,’ Mr. Trump said during a nearly three-hour episode of ‘The Joe Rogan Experience.’”

… despite the fact that this legislation is investing in America and strengthening our economy.

• Invested about $53 billion to encourage American leadership in the semiconductor manufacturing industries. Dozens of companies have committed to about $400 billion in total semiconductor investments across the country. 

• Two years ago, the U.S. produced none of the world’s most advanced chips. Now, it’s home to all five of the world’s leading-edge logic, memory, and advanced packaging providers in just two years — putting us on track to produce nearly 30% of the global supply by 2032. 

• CHIPS-funded projects are creating more than 115,000 good-paying construction and manufacturing jobs while building up workforce pipelines for related industries across the country.

• Unleashed funding to help small businesses explore innovative ideas and the commercial microelectronics marketplace. 

FACT: Trump’s utter failure of an economic record put working people last by rigging the economy for billionaires, skyrocketing the deficit, and creating new incentives for companies to ship jobs overseas.

Washington Post: “For the first time in history, U.S. billionaires paid a lower tax rate than the working class last year”

Forbes: “Trump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018”

The Guardian: “Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.”

New York Times: “How Big Companies Won New Tax Breaks From the Trump Administration”

Economic Policy Institute: “The TCJA overwhelmingly benefited the rich and corporations while overlooking working families”

Vox: “Trump said this tax break was for small businesses. It’s giving $17 billion to millionaires this year”

New York Times: “The 2017 corporate tax cuts signed into law by Mr. Trump have not increased government revenue … In fact, they have had the opposite effect.”

Washington Post Analysis: “One of President Donald Trump’s lesser-known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt. The national debt has risen by almost $7.8 trillion during Trump’s time in office… The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration.”

CBS News: “Two years after Trump tax cuts, middle-class Americans are falling behind”

Bloomberg: “The Offshoring of U.S. Jobs Increased on Trump’s Watch”

Washington Post: “Trump promised ‘America First’ would keep jobs here. But the tax plan might push them overseas.”

The Guardian: “‘He pulled the wool over our eyes’: workers blame Trump for moving jobs overseas”

“Promises to save US manufacturing and prevent American jobs moving abroad were a key part of Donald Trump’s 2016 campaign. But since Trump took office in January 2017, nearly 200,000 jobs have been moved overseas, based on Trade Adjustment Assistance certified petitions.”

FACT: If they have their way, Trump and JD Vance would once again gift tax breaks to the ultra-rich and big corporations while causing an “inflation bomb.”

Wall Street Journal: “Economists Say Inflation, Deficits Will Be Higher Under Trump Than Harris”

Axios: “16 Nobel economists see a Trump inflation bomb”

“Sixteen Nobel prize-winning economists are jumping into the presidential campaign with a stark warning: Former President Trump’s plans would reignite inflation and cause lasting harm to the global economy if he wins in November.”

Axios: “Trump’s inflation bomb: How his second-term plans could make it worse”

The Hill: “Trump win, GOP sweep would fuel inflation: Moody’s Analytics”

CNBC: “Trump budget would spike deficits by nearly 5 times Harris proposal, says Penn Wharton”

The Atlantic: “Trump’s Plan to Supercharge Inflation”

Wall Street Journal: “A drumbeat of reports from Wall Street economists have warned that Trump’s plans could substantially slow economic growth while driving up consumer prices.”

Washington Post: “Trump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law … Further cutting corporate taxes … would primarily benefit large firms.”

Center for American Progress: “Project 2025’s Tax Plan Would Raise Taxes on the Middle Class and Cut Taxes for the Wealthy”

CBS News: “Millions of low- and middle-class households would likely face significantly higher taxes under the Project 2025’s proposals.”