Biden warns GOP on tech economy surrender to China during NC visit.

President Joe Biden warned that Republican policies for cutting the budget could surrender the future of innovation and technology to China, as he tries to shape public sentiment and faces off with House Speaker Kevin McCarthy about whether the federal government should raise its legal borrowing capacity. Biden highlighted his own policies at a semiconductor maker in North Carolina, which included a $280 billion legislative package known as the CHIPS Act, intended to boost the U.S. semiconductor industry and scientific research. The president's trip is part of a larger effort to draw attention to his policies, which have been overshadowed by high inflation.