Melt 2 tablespoons butter in a saucepan over medium heat
Whisk in 2 tablespoons all-purpose flour
Cook for 1 minute
Slowly whisk in 1 cup milk
Cook until slightly thickened
Reduce heat to low
Add 1 to 1 1/2 cups shredded cheddar cheese
Stir until melted and smooth
Add 1/4 teaspoon salt
Add 1/4 teaspoon garlic powder
Add 1/4 teaspoon chili powder
Add a pinch of cayenne pepper if desired
Stir until fully combined
Serve warm with chips, nachos, or vegetables