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Child care is essential to reopening the economy – CNN

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Even before the pandemic, millions of parents could not find quality, affordable child care that matched their work hours or their ZIP codes.
Long waitlists for a child care slot were routine. Now, across the United States, the pandemic has created significantly greater challenges for American families to secure safe, accessible care for their children with facility closures, reduced capacity, and new financial strains on programs, providers, staff and parents.
In an April survey of more than 5,000 providers by the National Association for the Education of Young Children, nearly half reported that they were completely closed. The Center for American Progress (CAP) estimates that without adequate federal support, the coronavirus pandemic could permanently eliminate 4.5 million child care spots — nearly 50% of US child care capacity, which was already far below our country’s needs.
People simply cannot return to their jobs if they’re unable to find care for their children. For the economy to reopen fully, Congress must provide meaningful, robust child care relief for families and providers.
That is why we introduced the Child Care for Economic Recovery Act, legislation that addresses the most pressing needs of millions of working parents and families, like those we represent in New York and Massachusetts. The legislation builds on congressional efforts to address the varied needs now being recognized in the child care space, including stabilizing the child care sector through the Child Care is Essential Act, and improving child care facilities for the health and safety of children.
To ease the untenable bind facing American families, our legislation would more than triple guaranteed federal child care funding from $2.9 billion a year to $10 billion a year for the next five years, with state match requirements for the increase temporarily suspended, to help more low- and middle-income families afford care.
This funding would both support work and reduce disparities in child care accessibility and the education opportunity gap, and the multiyear funding would provide employers and workers with certainty and stability during the economic recovery.
Our bill also includes a landmark $10 billion for grants to states to help assess long-term structural challenges child care facilities face, and make essential adaptations, reconfigurations and expansions in response to coronavirus.
The legislation would specifically support essential workers, with $850 million in Social Services Block Grant funding — until September 30, 2021 — to states in consultation with the states’ lead child care agencies for fast funding to support child care — and adult day care for adults who can’t care for themselves — for those who have had to be on the job during this crisis and need support to keep their families healthy and safe while they help their communities.
Recognizing several states have deemed child care workers essential, our bill goes further to make this recognition at the federal level for all child care workers.
Child care is not a luxury — it’s a necessity, which is why our bill makes the Child and Dependent Care Tax Credit fully refundable for the first time, so that it is fully accessible to the families who need it most. And our bill goes further to double the amount of qualified child and dependent care expenses to $6,000 for one qualifying individual and $12,000 for two or more qualifying individuals.
It would also provide a refundable credit to child care providers to cover rent, mortgage and utility costs and a refundable credit for employers to reimburse their employees’ child and dependent care costs.
Moreover, the legislation would enable employers to permit employees to carry over their dependent care flexible spending account contributions to next year. And it would expand the employee retention tax credit to help employers of domestic workers retain those employees.
The provisions in our bill are not just good for families — they are critical to sustaining an equitable economic recovery.
Until Congress acts, the economic crisis will persist, and families and businesses will suffer. As schools navigate reopening while operating remotely, the learning opportunities and healthy development young children access in quality child care settings is made all the more crucial.
While congressional Republicans are urging a wait-and-see approach to the coronavirus pandemic and the ensuing economic collapse, we hear directly from families and providers who are struggling under the weight of the pandemic and can’t survive without additional relief from the federal government.
As the chairs of the House Committees on Appropriations and Ways and Means, we are committed to delivering meaningful relief to American workers and families during this time of widespread need and uncertainty.
The Child Care for Economic Recovery Act is a necessity for child care providers struggling financially from coronavirus, for families who need to return to work while ensuring their children are well-cared for, and for the US economy, which depends on a fully engaged workforce and strong investments in our future through quality early childhood education.

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S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

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TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Statistics Canada reports wholesale sales higher in July

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OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 150 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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