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Biden slashes spending in half, but says $1.75tn plan can beat China

President seeks deal on stalled climate and social legislation

President Joe Biden said the framework, half the size of the original legislation, will be key to winning the "economic competition for the 21st century."   © Reuters

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.

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