Biden believes Congress can pass portions of the shattered Build Back Better plan.

• According to President Joe Biden, Congress has the potential to pass parts of his Build Back Better Act.
• Climate policy and early childhood education were identified as potential components of the bill that could garner support, according to him.
• In December, the $1.75 trillion bill was halted when Sen. Joe Manchin, D-W.V., declared he would not support it.

It appears that President Biden may need to abandon his plan to invest in social programs and climate policy, but he remains hopeful that Congress can still pass some of it.

The president expressed confidence that significant portions of the Build Back Better law would be passed into law, according to reports from Wednesday.

In December, Biden's signature proposal faced opposition from Sen. Joe Manchin, D-W.V., who stated that he would not vote for it. For the bill to reach Biden's desk and become law, every Senate Democrat would need to support the $1.75 trillion House-passed bill.

Biden stated that he has been conversing with several Congressional colleagues and is confident that he can secure backing for over $500 billion in funding to address climate change.

Manchin's support for early childhood education was acknowledged by him, specifically in relation to the bill's universal pre-K provision.

Some Democrats, including Manchin, have indicated that they would revive the proposal in some form. On Wednesday, Biden gave his clearest signal yet that he would embrace a smaller version of the plan.

He suggested that we split the package and take as much as we can now, and then return to fight for the remaining portion.

Manchin stated that he has not yet discussed the proposed package separation with anyone at the White House.

Another Senate Democrat, Sen. Ed Markey of Massachusetts, applauded Biden's remarks on Wednesday.

"Let's begin with the climate and clean energy provisions in Build Back Better, which have been mostly finalized and funded, and then add any other crucial provisions to support working families that can pass the 50-vote threshold," said Markey, a progressive voice on climate policy.

Neither Pelosi nor Schumer's representatives responded to CNBC's request for comment on Biden's remarks about possibly splitting the Build Back Better plan into smaller pieces.

The Biden administration plans to renew negotiations on the climate change legislation, while keeping provisions to reduce emissions but potentially removing or scaling back provisions opposed by Manchin, such as the enhanced child tax credit and paid family leave, according to Reuters.

The White House spokesman stated that the report was incorrect, with the "substance and details" being inaccurate.

The bill passed by the House included universal pre-K, subsidies for child care, and a one-year extension of a tax credit of up to $300 per child. It would have also expanded Medicare to cover hearing aids and increased Medicaid coverage for low-income Americans.

The president believes that Democrats can salvage the more than $500 billion allocated for climate programs under the legislation.

The package has been opposed by every Republican in Congress due to the argument that it would exacerbate the worst inflation the U.S. has experienced in decades.