NPR News: July 3, 2025, 5 PM EDT

Host: Jeanine Herbst
Source: NPR News Now
Release Date: July 3, 2025

1. House Approves Funding Rescission for Public Media

The House of Representatives has taken a significant step by approving a White House request to reclaim two years of previously allocated funding for public media. This decision, as reported by an NPR Reporter at [00:00], presents a substantial threat to local stations and the future of public media.

"The House of Representatives has approved a White House request to claw back two years of previously approved funding for public media. The rescissions package now moves on to the Senate. This move poses a serious threat to local stations and public media as we know it."
— NPR Reporter [00:00]

The package is now pending in the Senate, raising concerns among public media advocates who are urging listeners to defend public broadcasting through advocacy groups.

2. President Trump’s Tax Cut and Spending Package Advances

Jeanine Herbst outlines the progression of President Trump's expansive tax cut and spending plan, highlighting its passage through the House amidst internal Republican conflicts.

"After months of bitter Republican infighting, President Trump's massive tax cut and spending package is now on its way to his desk."
— Jeanine Herbst [00:24]

Claudia Grisales adds that the bill, often referred to as the "big beautiful bill," overcame significant challenges within the Republican-led House. A faction of GOP holdouts delayed the key vote for nearly 20 hours before conceding, allowing the bill to pass.

"The mega bill faced its final hurdles in the Republican led House where a group of GOP holdouts stalled a key vote for nearly 20 hours before eventually folding and setting up final passage."
— NPR Reporter [00:44]

Hakeem Jeffries, House Democratic Leader, opposed the bill's Medicaid cuts and other contentious elements, stalling the vote to voice opposition.

The legislation is set to be signed by President Trump imminently, shifting the political battleground to the upcoming midterm elections. Democrats plan to use opposition to the bill as a central theme in their campaign to regain congressional control.

3. President Trump Heads to Iowa for America 250 Celebration

President Trump is participating in America 250, a year-long series of events commemorating the United States' 250th anniversary. He is scheduled to speak at the Iowa State Fairgrounds, marking the commencement of the celebrations.

"President Trump is headed to Iowa as part of America 250, a full year of events celebrating the country's 250th anniversary."
— Jeanine Herbst [01:32]

Stephen Fowler reports that Trump's address will not only inaugurate the celebrations but also outline future plans, including hosting an American state fair to honor the semi-quincentennial milestone. Additionally, Trump will leverage this platform to promote his second-term policy agenda, which includes the recently passed mega bill. This package is expected to increase federal deficits, prolong tax cuts, and implement cuts to healthcare and social services.

"He'll also use the speech to tout his second term policy agenda, including the newly passed mega bill that will increase federal deficits and extend tax cuts while also cutting healthcare and social services."
— Stephen Fowler [01:46]

4. U.S. Job Market Shows Resilience in June

In a positive economic update, hiring in the United States remained steady in June, with employers adding 147,000 jobs—a figure surpassing economists' expectations. The unemployment rate slightly decreased to 4.1%.

"Hiring held steady last month. Employers in the US added 147,000 jobs in June, more than economists were expecting, and the unemployment rate dipped to 4.1%."
— Jeanine Herbst [02:15]

Scott Horsley provides a deeper analysis, noting that job gains were primarily in the healthcare sector and state and local governments. Conversely, the federal government and manufacturing sectors saw reductions, each shedding approximately 7,000 jobs. The manufacturing downturn is largely attributed to President Trump's tariffs.

"Job gains for April and May were also revised up. Average wages last month were up 3.7% from a year ago, which is likely more than enough to outpace inflation."
— Scott Horsley [02:30]

The robust job market suggests that the Federal Reserve may hesitate to reduce interest rates soon, despite President Trump's calls for lower borrowing costs.

5. Wall Street Closes Higher on Shortened Trading Day

Despite the abbreviated holiday trading schedule, Wall Street ended the day on a positive note. The Dow Jones Industrial Average rose by 344 points, the Nasdaq increased by 207 points, and the S&P 500 gained 51 points.

"This shortened holiday trading day. The Dow up 344 points, the Nasdaq up 207s and P500 up 51."
— Jeanine Herbst [03:10]

6. Supreme Court to Hear Case on Transgender Athlete Participation

The Supreme Court has agreed to hear cases challenging lower court decisions that have favored transgender athletes in Idaho and West Virginia. This decision follows the court's previous stance supporting bans on certain gender-affirming treatments for transgender youth.

"The Supreme Court says it will hear lower court rulings in favor of transgender athletes in Idaho and West Virginia next two weeks after the high court upheld a ban on certain gendering, gender affirming treatments for transgender youth."
— Jeanine Herbst [03:25]

Over two dozen states have enacted laws restricting transgender women and girls from participating in specific sports categories. Several of these laws have faced legal challenges and temporary blocks in courts.

7. Tribute to Actor Michael Madsen

Andrew Limbong honors the late actor Michael Madsen, who passed away at 67 due to a cardiac arrest. Madsen was renowned for his roles in Quentin Tarantino's films, notably Reservoir Dogs (1992).

"Actor Michael Madsen has died. He was 67 years old. He was best known for his collaborations with Quentin Tarantino, including 1992's Reservoir Dogs."
— Jeanine Herbst [03:27]

Madsen's portrayal of the menacing Mr. Blonde became iconic, particularly in the unforgettable scene involving a tied-up policeman and a straight razor.

"In Reservoir Dogs, Michael Madsen was soft spoken and yet terrifying, as exemplified by this now classic scene Involving Madsen's character, Mr. Blonde, a tied up policeman, a straight razor and an ear."
— NPR Reporter [04:12]

Beyond Reservoir Dogs, Madsen continued to collaborate with Tarantino on projects like Kill Bill and The Hateful Eight. His career spanned over 300 credits across film, television, and video games. At the time of his passing, Madsen was working on a new book titled Tears From My Outlaw Thoughts and Poems.

8. Crude Oil Prices Drop

Crude oil prices declined by approximately 0.41%, closing the day at $67.14 per barrel.

"Falling 410 of a percent, 10 the day at $67.14 a barrel."
— Jeanine Herbst [04:52]

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