In this paper, we develop an equilibrium model of ECE subsidy policy, and we use this model to estimate the impact of three alternative systems. One system—a narrower expansion of subsidies—is based on the CCDBG’s current eligibility and co-payment structure, and we analyze the impact of a fully funded version of the policy (i.e., one that serves all eligible children). The most relevant policy proposal to this system is the one by Murray-Kaine. The other two modeled policies involve a broader expansion of subsidies, reflecting the child care benefit structure proposed in the BBBA. (author abstract)