Education Secretary Betsy DeVos. Photo: Chip Somodevilla/Getty Images

Education Secretary Betsy DeVos proposed a tax credit last month for people and businesses who donate money for children to attend private schools, a move that has stirred up the school choice debate among politicians and education analysts.

The big picture: Despite the encouragement for more growth through scholarships, New York City charter schools, which are funded by local taxes, grants and donations, reached their cap last week. If the state doesn’t lift the cap, charter growth will most likely end. Resources have begun to drain while enrollment for charter schools across the country has grown exponentially, causing teachers from charter schools to walk out this year for the first time ever.

What they're saying:

  • Andy Rotherham, founder of nonprofit consulting firm Bellwether Education Partners, told Axios: "The Trump administration has had its chances to put forth initiatives of school choice that could force some hard conversations, and it’s highly unlikely the tax incentive introduced was the one. ... The administration doesn’t seem to be able to stay on message about anything for very long. Democrats control the House. It’s hard to see them bringing this up for a vote."
  • House Education Committee chairman Rep. Bobby Scott (D-Va.) said on NPR: "If you’re going to spend money in education, there are better ways of spending it than a scholarship program that’s totally undefined. You have to consider any proposal that’s made, but I think it's fair to say I’m skeptical."
  • American Federation of Teachers President Randi Weingarten said at an Axios event: "You cannot think that you can privatize or outsource this. You have this huge available asset called public education that really wants to align with business and industry both in terms of K-12 and in terms of community colleges."
  • Jim Blew, the Education Department's assistant secretary for policy and development, said on NPR: "Because it is a tax credit, the Fed doesn’t need to get involved with new mandates, new regulations. The voluntary component makes sure money is not diverted from public schools and teachers."

Go deeper:

Go deeper

BodyArmor takes aim at Gatorade's sports drink dominance

Illustration: Eniola Odetunde/Axios

BodyArmor is making noise in the sports drink market, announcing seven new athlete partnerships last week, including Christian McCaffrey, Sabrina Ionescu and Ronald Acuña Jr.

Why it matters: It wants to market itself as a worthy challenger to the throne that Gatorade has occupied for nearly six decades.

S&P 500's historic rebound leaves investors divided on future

Data: Money.net; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

Newsrooms abandoned as pandemic drags on

Illustration: Sarah Grillo/Axios

Facing enormous financial pressure and uncertainty around reopenings, media companies are giving up on their years-long building leases for more permanent work-from-home structures. Others are letting employees work remotely for the foreseeable future.

Why it matters: Real estate is often the most expensive asset that media companies own. And for companies that don't own their space, it's often the biggest expense.