Former President Donald Trump criticized the CHIPS Act, calling it a “horrible, horrible thing” and urging Congress to repeal the law and use the funds to reduce national debt.

“We give hundreds of billions of dollars and it doesn't mean a thing. They take our money and they don't spend it,” Trump said in a speech to Congress. “You should get rid of the CHIPS Act and whatever is left over, Mr. Speaker, you should use it to reduce debt.”

The 2022 CHIPS and Science Act, signed into law by then-President Joe Biden, allocated $52.7 billion in semiconductor subsidies, including $39 billion in direct funding and $75 billion in government loans. The law aimed to strengthen U.S. semiconductor manufacturing and reduce dependence on foreign suppliers.

So far, the Commerce Department has awarded more than $33 billion, with Intel (INTC, Financial) receiving ~$7.9 billion, Samsung Electronics (SSNLF, Financial) $4.8 billion, Taiwan Semiconductor Manufacturing Co. (TSM, Financial) $6.6 billion, and Micron Technology (MU, Financial) $6.1 billion.

The criticism comes amid recent layoffs affecting about one-third of the staff overseeing the $39 billion CHIPS Act fund within the U.S. Commerce Department.