This report summarizes the roundtable "Infants and Toddlers in State and Federal Budgets: Yesterday's Choices, Today's Decisions, Tomorrow's Options" conducted by the Urban Institute, with support from the A.L. Mailman Family Foundation, on March 30, 2009. The roundtable's focus grew out of the widely perceived mismatch between sharply limited public investments on infants and toddlers and an accumulated body of research demonstrating the significance of the earliest years of life. The authors describe the group's diverse perspectives and wide-ranging discussion of strategies to address this mismatch. This executive summary highlights selected points from the full report, with a focus on actionable next steps. It summarizes key facts about federal and state expenditures on young children, draws out five themes from the discussion, and identifies selected short-term action steps for each. These action steps were proposed during the discussion but do not necessarily reflect all participants' views, since the discussion was not designed to reach consensus. (Contains 1 footnote and 3 boxes.)