Republican Rep. Mike Gallagher, chair of the newly-formed House Select Committee on China, told ABC News Live on Friday he doesn't "buy" China's statements that the balloon flying over the U.S. is a meteorological device that was blown off course.

"It also doesn't strike me as a coincidence that this was in the vicinity of the Malmstrom Air Force Base in Montana," Gallagher said, "where we have our Minuteman III intercontinental ballistic missiles."

Gallagher said he believed Secretary of State Anthony Blinken made "the right call" postponing his trip to China over the controversy.

On the balloon itself, Gallagher said he was "in favor of shooting it down."

"I think we had plenty of options to shoot it down or even better, find a way to reduce its altitude and capture it so we can get a look at the instrumentation," he told ABC News' Alexis Christoforous.

A senior State Department official said the U.S. was still dedicated to keeping lines of communication with China open despite postponing Secretary Antony Blinken's visit.

"The secretary was prepared to depart for Beijing tonight to take on a wide-ranging agenda," the official told reporters. "We have noted the PRC statement of regret, but the presence of this balloon in our airspace is a clear violation of our sovereignty as well as international law. And it is unacceptable it has occurred."

"After consolations with our interagency partners, as well as with Congress, we have concluded that the conditions are not right at the moment for Secretary Blinken to travel to China," the official added.

The official said Blinken has indicated he will visit China when conditions allow, but did not stipulate what those conditions would have to be.

They also said talks with Beijing would continue across multiple levels of government and that Blinken had been in touch with his Chinese counterpart Friday morning.

"We will maintain open lines of communication with the PRC to address our concerns about this ongoing incident and to responsibly manage the competition between our countries," the official said.

Asked whether the department believed China's explanation of the balloon's purpose and how it happened into American airspace, the official said, "We remain confident in our assessment of the situation."

-ABC News' Shannon Crawford

While Secretary of State Blinken's planned trip to China has been postponed, according to a U.S. official, sources at the State Department say China's public statements are going over well and that they're pleased with what they perceive as a conciliatory tone.

China's foreign affairs ministry called the balloon a civilian airship used "mainly meteorological purposes." The ministry said the balloon's course deviated from its original path and it "regrets the unintended entry of the airship into US airspace."

-ABC News' Shannon Crawford

A U.S. official said Friday the balloon was at an altitude of 60,000 feet, which is why officials have said it’s not a threat to civilian aviation that maxes out at lower altitudes.

The official also said the balloon does appear to have some maneuverability, meaning it's not just drifting through the sky.

--ABC News' Luis Martinez

President Joe Biden briefly spoke to reporters after the balloon was "successfully" shot down by the U.S. military.

"I ordered the Pentagon to shoot it down on Wednesday as soon as possible. They decided -- without doing damage to anyone on the ground – they decided that the best time to do that was when it got over water outside within a 12 mile limit."

"They successfully took it down and I want to compliment our aviators who did it, and we’ll have more to report on this a little later," he said.

"I told them to shoot it down," Biden repeated when asked if the recommendation came from his national security team. "They said to me, 'Let's wait for the safest place to do it.'"