WASHINGTON -- U.S. President Joe Biden on Thursday unveiled a new framework for his signature "Build Back Better" agenda, with plans to spend $1.75 trillion over ten years on child care assistance, climate measures and other key policies.

The framework will "put us on a path not only to compete, but to win the economic competition for the 21st century against China and every other major country in the world," Biden said in a speech.

Unable to bring together the two wings within his party, the proposed package is half the size of what was originally intended, and the president abandoned plans to impose higher tax rates on corporations, rich individuals and millionaire investors.

Biden earlier gave progressive Democrats in the House of Representatives an outline of the updates and called for their cooperation toward swift passage of the proposal.

"No one got everything they wanted, including me, but that's what compromise is. That's consensus," the Democrat said in his speech.

The Build Back Better plan originally called for $3.5 trillion in spending and included many programs championed by the progressives. But centrist Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona opposed increases to government spending and tax hikes, hampering progress on the package.

The Senate is currently split evenly at 50 seats each between Democratic-aligned and Republican members, meaning the bill requires support from every Democratic senator.

Progressive Democrats have responded by delaying a vote on a bipartisan infrastructure bill in the House, leaving both pieces of legislation stuck in neutral.

Biden's move is aimed at breaking the stalemate before leaving for a tour of Europe later Thursday. He will attend the Group of 20 gathering in Rome and the COP26 climate summit in Glasgow. The president is seeking tangible achievements ahead of the Nov. 2 Virginia gubernatorial election, which is widely expected to be a close race.