$9 billion about to be clawed back

Summary

Marketplace Morning Report: "$9 Billion About to Be Clawed Back" – July 18, 2025

In this episode of the Marketplace Morning Report, host David Brancaccio brings listeners up to speed on significant economic and business developments shaping the landscape as of July 18, 2025. The episode delves into critical legislative changes, economic risks, demographic shifts, the burgeoning right-to-repair movement, and celebrates a milestone for longtime economic correspondent Kai Rysdal.

---

1. House Approves Bill Cutting Public Broadcasting and Foreign Aid Funding

Key Discussion: Late last night, the U.S. House of Representatives approved a contentious bill that aims to retract $9 billion in funding—$1 billion from the Corporation for Public Broadcasting (CPB) and $8 billion from foreign aid programs. This legislative move marks a significant shift in fiscal policy, with profound implications for both domestic media and international assistance initiatives.

Insights from Nancy Marshall Genser: Nancy Marshall Genser breaks down the bill's components, highlighting the partisan divide surrounding the measure.

• Public Broadcasting Cuts: The CPB, which channels funds to public radio and TV stations, faces a reduction of approximately $1 billion. Genser notes, "Some Republicans who opposed the measure, like Alaska Senator Lisa Murkowski, said rural areas especially rely on public broadcasting for vital information like tsunami and landslide alerts" (01:24).

• Foreign Aid Reductions: The bill eliminates around $8 billion in foreign aid, specifically targeting programs that provide emergency food, water, and shelter. This money was previously sanctioned by Congress, raising concerns about the separation of powers and budgetary authority.

Political Reactions:

• Democratic Stance: Democrats argue that the Republicans' actions undermine Congressional authority over spending, stating, "They say they can't be expected to negotiate bipartisan budget agreements in the future if the spending is just going to be canceled eventually" (01:24).

• Republican Justification: House Speaker Mike Johnson defends the bill, asserting that Republicans are "delivering on a promise of fiscal responsibility" and expressing eagerness to introduce more "clawback" measures (01:24).

---

2. Increasing Default Risks for Companies Amid Tariffs and Trade Uncertainty

Economic Concerns: The episode highlights a growing economic anxiety as tariffs and ongoing trade uncertainties push more companies towards an elevated risk of default. According to Moody's analysis, the number of companies vulnerable to default is at an 11-month high. This trend underscores the precarious balance businesses face in the current global trade environment.

---

3. Demographic Shifts in the UK: "The Age of Work" Series

Reporting from the UK: Kai Rysdal and the Marketplace Afternoon Show team have been on the ground in the United Kingdom, exploring demographic trends that could foresee significant economic impacts. The UK's population is aging at a faster rate compared to the United States, with projections indicating that by 2050, one in four people will be 65 or older.

Feature Story: Menopause at Work with Maureen Montague

Maureen Montague, an executive officer at the University of Greenwich Business School, shares her personal journey navigating menopause in the workplace.

• Personal Struggles and Awareness: Montague recounts, "I was having so many hot sweats that I wasn't getting any sleep... I was literally going to resign" (03:07). Her hesitation to discuss her symptoms stemmed from fears of being perceived as incapable.

• Advocacy and Policy Change: Taking a courageous step, Montague initiated a Teams meeting to discuss her experiences, which led to overwhelming support from her colleagues. "The aim of it was to get an HR policy and manage a menopause awareness training," she explains (03:07).

• Impact and Legacy: Her efforts culminated in the establishment of a dedicated team for menopause awareness and training, fostering a more supportive work environment. Montague reflects, "I feel quite warm that I've been able to make a difference to other women's lives" (03:07).

---

4. The Right to Repair Movement and Military Procurement

Consumer Advocacy: The episode sheds light on the persistent struggle between consumers and manufacturers over the right to repair. Companies often restrict repairs to official channels to maintain control and revenue streams, frustrating consumers who wish to fix their own devices.

Military Implications: This debate extends to military procurement, where Pentagon leaders are advocating for the inclusion of right-to-repair clauses in contracts. Retired Master Sergeant Wesley Reed provides a firsthand account of the challenges faced in the field.

• Wesley Reed's Experience: Reed explains, "In a war zone, it [restrictive repair policies] certainly prevents things... They designed it almost in an anti-competitive way... ended up harming me in Afghanistan by not allowing me to fix this in a much timelier manner" (07:45).

• Operational Efficiency: The inability to swiftly repair equipment due to manufacturer restrictions can hinder military operations, emphasizing the need for more flexible and accessible repair policies.

---

5. Celebrating Kai Rysdal’s 20-Year Milestone

Honoring a Trusted Voice: Kai Rysdal marks 20 years as a steadfast voice in economic journalism. His reporting has included high-profile interviews with sitting presidents and insightful analyses from various sectors, including local businesses like trampoline parks in Utah County—a unique economic indicator reflecting demographic influences.

Listener Engagement: To celebrate this milestone, Marketplace encourages listeners to express their appreciation by sharing messages through an eCard available at Marketplace.org by August 1st (09:22).

---

Conclusion

This episode of the Marketplace Morning Report encapsulates critical developments in public funding, economic risks, demographic transformations, consumer rights, and celebrates the enduring contributions of a key economic correspondent. By providing in-depth analysis and personal stories, the report offers listeners a comprehensive understanding of the factors shaping today's economic and business environment.

---

Timestamps Reference:

• 01:24
• 03:07
• 07:45
• 09:22

Transcript

[Marketplace Host]

This Marketplace podcast is supported by Dell introducing the new Dell AI PC powered by Intel Core Ultra processor. It helps do your busy work for you so you can fast forward through editing images, designing presentations, generating code, debugging code, summarizing meeting notes, finding files, managing your schedule, responding to long emails, leaving all the time in the world for the things you actually want to do. Get a new Dell AI PC starting at $699.99 at Dell.com AI PC how those ahead Stay Ahead this Marketplace podcast is supported by Palo Alto Networks. Listen to threatvector, the Palo Alto Networks podcast, for in depth discussions with industry leaders and experts providing crucial insights for security decision makers. Whether you're looking to stay ahead of the curve with innovative solutions or understand the evolving cybersecurity landscape, ThreatVector equips you with the knowledge needed to safeguard your organization. Tune in and subscribe to Threatvector wherever you get your podcasts.

[Saree Ben Asore]

$9 billion for foreign aid and Public Broadcasting about to be Clawed Back From Marketplace, I'm Saree Ben Asore in for David Brancaccio. Late last night, the House approved a bill taking back funding for public broadcasting and foreign aid. The measure now goes to President Trump for his signature Marketplaces. Nancy Marshall Genser explains what is in this bill.

[Nancy Marshall Genser]

The legislation cuts about a billion dollars from the Corporation for Public Broadcasting, which distributes funding to public radio and TV stations. Some Republicans who opposed the measure, like Alaska Senator Lisa Murkowski, said rural areas especially rely on public broadcasting for vital information like tsunami and landslide alerts. The bill also cancels about $8 billion in foreign aid. Some of that money was earmarked for programs providing emergency food, water and shelter. This is funding that was already approved by Congress. Democrats say Republicans are giving Congress's power of the purse to the President. They say they can't be expected to negotiate bipartisan budget agreements in the future if the spending is just going to be canceled eventually. But House Speaker Mike Johnson issued a statement saying Republicans are delivering on a promise of fiscal responsibility and he says they look forward to passing more clawback bills. I'm Nancy Marshall Genser for Marketplace.

[Saree Ben Asore]

Tariffs and trade uncertainty are pushing more companies into risk of default. According to Moody's, the number of companies particularly vulnerable to default risk is at an 11 month high. Kai Rysdal and the team on Marketplaces afternoon show have been reporting from the UK this week. Why? Because the UK may be the future of the US when it comes to demographics. The UK population is aging faster than ours. By 2050 one in four people there will be 65 or older. So as part of their series, Their Age the Age of Work, Kai and the gang are taking a look at what this means for the workforce, for the economy, for life. Here's one story about how the personal meets the professional. It's from Maureen Montague at the University of Greenwich.

[Maureen Montague]

My name is Maureen Montague and I'm an executive officer at the University of Greenwich Business School. Working at Greenwich, I'd never heard anybody speak about menopause. I was having so many hot sweats that I wasn't getting any sleep. I was worried, I was making mistakes and I was double checking. And another thing, I didn't think to sort of mention it to my boss because I thought he might think I can't do my job anymore. But it got to a point where I made a big mistake with one of his meetings. He went off to the meeting and then I was just in pieces saying, I cannot do this job anymore. I was literally going to resign. I just thought, I cannot be the only woman in the University of Greenwich going through this. And I reached out to my boss at the time and asked if I could send a teams meeting, as we was on teams in lockdown, to the business school to sort of let them listen to my journey of menopause at work. It was overwhelming, really, because women just couldn't believe that what they was hearing. I was thankful for me to raise awareness of it once I'd got the response from staff. The aim of it was to get an HR policy and manage a menopause awareness training. It's been snowballing. We have now got a small team of four who run the menopause awareness and training. And when I sort of look at it, I feel quite warm that I've been able to make a difference to other women's lives. And that was the main thing I set out to do. I've been full time at the University of grinder for 25 years and in this February, I went part time because I'm near retirement. I feel a bit scared, actually, because, as I say, I love my job and I like getting up and coming out to work, but I've got to keep looking at that. It's a good thing my husband and I can go on holiday and get more involved with grandchildren.

[Saree Ben Asore]

That was Maureen Montague at the University of Greenwich. You can hear all of Marketplaces reporting from the UK for their series the Age of Work at marketplace.org or whichever podcast you prefer.

[Kai Rysdal]

Foreign.

[Marketplace Host]

This Marketplace podcast is supported by Mercury. Mercury offers banking and financial software to help businesses send money, create invoices, pay bills, and more all in one place. Learn [e-mail] this podcast is brought to.

[Kai Rysdal]

You by LHH, the global talent solutions and advisory company. What does work really mean? For many it's just transactional functional. But LHH believes it can be more. Work isn't just about tasks and deadlines. It's about passion, people and possibilities. With the right guidance and vision, incredible things can happen at work. Finding the perfect hire, nurturing talent, Making the ordinary extraordinary. LHH doesn't just find beautiful moments at work. LHH creates them. Recruitment, development, career transition. LHH a beautiful working world. Learn more at lhh.com beautiful There is.

[Saree Ben Asore]

A long history of companies making it difficult for you to repair the gadgets and machines you buy from them. They don't want you tinkering or fixing. Sometimes it's for safety, sometimes the company just wants you to go to them for all the fixes.

[Marketplace Host]

Sometimes.

[Saree Ben Asore]

Sometimes they might just want you to buy a new whatever it is. This has gotten people riled up and helped create the so called right to repair movement. Consumers fighting for the ability to fix the stuff they own. This is even extended to the military. Pentagon leaders are talking about making sure the right to repair is included in procurement contracts. Our Marketplace Our Marketplace Tech program spoke with retired Master Sergeant Wesley Reed, a former biomedical equipment technician after serving at an Afghanistan army field hospital in the late 2000s. He is pro making it easier to repair things.

[Wesley Reed]

I can understand I guess on a business side of things in the in the continental United States or when you're not in a war zone, how you know those may seem like a good idea to kind of keep the right people fixing it. But you know, in a war zone it certainly prevents things, especially when it's already engineered in there. I was trained by the manufacturer on how to service the equipment as well. So you know they let me fix this. However, the way that they designed it almost in an anti competitive way so that only their technicians can fix it, ended up harming me in Afghanistan by not allowing me to fix this in a much timelier manner than I had to come up with.

[Saree Ben Asore]

As retired Master Sergeant Wesley Reed, you can hear that full interview on our website at Marketplace tech in New York, I'm Sabri Benishore with the Marketplace Morning Report from 8pm American Public Media.

[Kai Rysdal]

Marketplace listeners know that voice.

[Saree Ben Asore]

I'm Kai Rysdal from Marketplace. Let's do the numbers.

[Kai Rysdal]

This August marks 20 years of Kai Ryssdal as a trusted voice in economic news from interviews with sitting presidents.

[Saree Ben Asore]

Mr. President, good to talk to you again, sir.

[Maureen Montague]

Great to be here.

[Kai Rysdal]

To conversations at local trampoline parks.

[Saree Ben Asore]

The thing that makes the high concentration of trampoline parks here in Utah County a relevant economic indicator, though it's what it tells you about how demographics affect the economy.

[Kai Rysdal]

Kai is always there to help you make sense of the economy. So to mark this milestone in his career, we're asking listeners to show their appreciation. Tell him how much his reporting means to you by sharing your thoughts in our ecard. Visit Marketplace. Org. Thank you by August 1st to share your appreciation.