Washington: The US Congress has passed 'The America COMPETES Act of 2022' on Friday. The bill is aimed at increasing American competitiveness with China and boosting U.S. semiconductor manufacturing. Despite Republican opposition, narrowly passed the multibillion-dollar bill 'The America COMPETES Act.'

According to Reuters, the Democratic-majority House backed the "America COMPETES Act of 2022" by 222-210, almost entirely along party lines. One Republican joined Democrats in voting for the measure and one Democrat voted no.

US President Joe Biden appreciated the US House passing China Competition Bill, saying he is ready to sign it as America can't afford to wait.

“If House Republicans are serious about lowering prices, making our economy stronger, and competing with China from a position of strength, then they should come to the table and support this legislation, which does just that,” the president said in a statement. 

House Speaker Nancy Pelosi said, "The America COMPETES Act invests 52 billion dollars  in chip manufacturing to create jobs for American workers and make these vital components in the U.S. — ensuring America is ahead of the world in technological development."

"Act helps to address supply chain disruptions while creating good-paying union jobs for American families with $52 billion in investments in facilities and equipment to produce American-made semiconductor chips."