Biden signs bill to boost U.S. chips, compete with China

STORY: Biden said the bill, a rare foray into U.S. industrial policy, recalled for him a conversation he'd once had with Chinese leader Xi Jinping.

"He asked me to define America for him, when I was in China, when he and I were alone on the Tibetan plateau, I said, 'I can do it in one word.' And I mean it: 'possibilities'," Biden said.

"In America, everything is possible."

The legislation authorizes $200 billion over 10 years to boost U.S. scientific research to better compete with China. Congress would still need to pass separate appropriations legislation to fund those investments.

China had lobbied against the semiconductor bill. The Chinese Embassy in Washington said China "firmly opposed" it, calling it reminiscent of a "Cold War mentality."

The bill was also a bipartisan victory, winning two dozen Republican votes in the House and the support of 14 Republican Senators.

Some Republicans joined Biden on the White House lawn to attend the signing, whom Biden acknowledged in his remarks.