For decades, state disinvestment in public higher education, paired with inequitable funding across institution types, has undermined states' ability to provide accessible and affordable higher education opportunities. In recent years, varied higher education stakeholders began calling for an end to state disinvestment through a reimagined federal-state partnership to better support public colleges. The authors of this report are specifically proposing a framework for a new federal-state partnership that will equip states to maintain their investment in public colleges across economic cycles. The framework in this report outlines three key design principles that a federal-state partnership must include to be effective: (1) providing strong incentives to maintain and increase state investment; (2) ensuring stable funding across economic cycles; and (3) making headway in closing racial and economic equity gaps in access and attainment. To account for changing budget realities, the report outlines several adjustable policy levers that Congress could scale up or down depending on available funding, as opposed to proposing a minimum or recommended dollar amount for federal spending. The authors also provide illustrated examples at several levels of funding.