Treasury is making the case for increased government support for child care as Democrats work to write a social-spending bill that could total $3.5 trillion.
"This is not just happenstance – sound economic principles explain why relying on private money to provide child care is bound to come up short," the report says.
Democrats are also proposing a permanent expansion of the dependent care tax credit, worth nearly $100 billion. The single biggest line item is an extension of the enhanced child tax credit to 2025. The Joint Committee on Taxation projected it would cost $550 billion over a decade – and many Democrats are pledging never to let it expire.
"We should be focused on ensuring hard-working taxpayers can find the best care for their children rather than blindly throwing money at the problem and calling it a solution," GOP Rep. Virginia Foxx, the ranking member of the House Education and Labor Committee, said during debate over the bill. Even so, the report shows women's labor force participation has declined over the past 20 years. Other advanced economies such as the United Kingdom, France and Canada now boast higher participation rates than the United States.
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