WSJ What’s News: "42 Million Americans Wait As Court Extends SNAP Funding Pause"

Date: November 12, 2025
Host: Caitlin McCabe
Podcast: The Wall Street Journal – What’s News (AM Edition)

Overview

This episode focuses on significant developments impacting millions of Americans:

• The Supreme Court's decision to extend a hold on SNAP (food assistance) payments, affecting over 42 million Americans and local economies.
• A congressional bill to reopen the government and its implications for federal programs like SNAP.
• Exclusive updates on investigations into Trump administration officials and shareholder voting rules.
• White House deals impacting the pharma industry, energy policy shifts, and campus debates over grade inflation at Harvard.

Key Discussion Points and Insights

1. Supreme Court Extends SNAP Benefits Freeze

• The Supreme Court has allowed the Trump administration to withhold full SNAP benefits for November, prolonging uncertainty for recipients (00:41).
• The temporary stay, originally issued by Justice Ketanji Brown Jackson, now ends just before midnight on Thursday.
• The House is set to vote on a government funding bill that, if passed, would restore SNAP payments and other programs.

Effects on Local Businesses:

• Ryan Sprankel (grocery store owner, Pittsburgh area): Sales and shopper traffic are down dramatically, impacting workers’ pay and local economies.
  • Quote [01:54]:
    “We should be slammed right now, but I mean, you can see we're not... The people that should be here buying the product, they're not buying the product. So they're going without the product. They're going without meals.” – Ryan Sprankel

State Responses:

• At least 16 states paid out SNAP in full after a court order, while others used state funds, boosted food banks, or simply waited for resolution (02:16).
• The episode highlights the patchwork and uncertainty these actions have caused.

2. Fannie Mae Watchdogs Probe, Firings, and Trump Appointees

• WSJ’s exclusive: Fannie Mae’s internal watchdogs were fired while investigating whether Trump appointee Bill Pulte accessed mortgage records of Democratic officials (03:07).
• Those possibly targeted include NY Attorney General Letitia James, Fed Governor Lisa Cook, and Senator Adam Schiff.
  • Fannie Mae officials and the White House deny wrongdoing and claim the allegations are fabricated. (03:52)

3. Trump Administration Eyes New Restrictions on Shareholder Voting

• The administration is discussing executive orders restricting the power of proxy advisor firms — companies that recommend votes for shareholder proposals.
  • These firms are often accused by conservatives of driving progressive policies at public companies.

Motivations and Mechanisms:

• Alex Frango (WSJ Finance Editor): Outlines how proxy advisors influence corporate governance, and the administration’s interest in curbing index fund managers’ voting power.
  • Quote [04:32]:
    “There’s a broad range of criticisms... but a couple of the areas tend to do with recommendations that the proxy firms make about corporate governance... So the proxy firms have become kind of these boogeymen for especially for investors with more of a right wing sensibility in terms of politics.” – Alex Frango

Impact on Index Funds:

• The White House is concerned about the concentrated voting power of large firms like BlackRock, Vanguard, and State Street, who manage vast swaths of the stock market.
  • Quote [05:54]:
    “What the White House is looking at here is the incredible concentration of influence of these index funds... There remains too much concentration of power.” – Alex Frango

4. Pharma, Medicare, and the Obesity Drug Revolution

• Eli Lilly and Novo Nordisk have brokered a deal with the White House to expand Medicare coverage for their obesity drugs, in exchange for lower prices (06:37).
• Could double the number of Americans able to access these drugs, representing billions in new market potential.
• Analysts predict competitors will struggle to match the price-volume tradeoff.

Market and Regulatory Outcomes:

• The administration is granting priority FDA review for new versions, ensuring quick regulatory decisions (08:00).
  • David Weiner (WSJ Columnist) via Caitlin McCabe:
    “They’re accepting smaller margins in exchange for a much bigger, more stable market... The deal raises the bar for everyone else. Rivals like Pfizer, Roche and Amgen will have a harder time catching up...” (07:06)

5. U.S. Pressure on Venezuela & Military Posturing

• The U.S. Navy’s largest carrier arrived off Latin America, escalating pressure on Venezuela and its president, Nicolas Maduro (09:06).
• The U.S. has already carried out 19 strikes against alleged drug-smuggling boats, with military exercises now underway in Venezuela in response.

6. Trump to Expand Offshore Oil Drilling

• The administration prepares to announce a sweeping plan for oil drilling off California, Alaska, and the Gulf of Mexico (09:55).

• This fulfills the “drill, baby, drill” campaign promise and follows cutbacks in renewable energy incentives.

  Julia Petroni (Dow Jones Newswires):

  • The International Energy Agency (IEA) has released a new scenario showing oil demand could grow into the 2030s and beyond, undercutting earlier climate targets.
    • Quote [10:58]:
      “IA has repeatedly estimated oil demand will peak before 2030, but this new scenario suggests that growth could persist well into the middle of the century... oil demand is expected to keep growing into the 2030s and beyond under the scenario where the growth of renewables is much slower.” – Julia Petroni

7. Harvard Grade Inflation

• Nearly 60% of grades at Harvard in 2024-25 were A’s, up sharply from 25% in 2005-06.

• Median GPA for graduates now 3.83; hours spent studying relatively unchanged (11:52).

  • Students are upset at proposals to curb grade inflation, claiming academic pressures are already intense.
  • President Trump has criticized grade inflation and called for “grade integrity” in colleges as a condition for federal funding.

Notable Quotes

• Ryan Sprankel [01:54]:
  “We should be slammed right now, but I mean, you can see we're not... So the sales not being there, you know, affects everybody's wages, affects everybody's hours... The people that should be here buying the product, they're not buying the product. So they're going without the product. They're going without meals.”

• Alex Frango [04:32]:
  “So the proxy firms have become kind of these boogeymen for especially for investors with more of a right wing sensibility in terms of politics.”

• Alex Frango [05:54]:
  “What the White House is looking at here is the incredible concentration of influence of these index funds... There remains too much concentration of power.”

• David Weiner (via Caitlin McCabe) [07:06]:
  “They’re accepting smaller margins in exchange for a much bigger, more stable market... The deal raises the bar for everyone else.”

• Julia Petroni [10:58]:
  “IA has repeatedly estimated oil demand will peak before 2030, but this new scenario suggests that growth could persist well into the middle of the century... oil demand is expected to keep growing into the2030s and beyond under the scenario where the growth of renewables is much slower.”

Important Segment Timestamps

• 00:41: Supreme Court extends SNAP benefits freeze & Congressional update
• 01:54: Grocery store owner on community impact (Ryan Sprankel)
• 02:16: State-by-state variation in SNAP payments
• 03:07: Fannie Mae investigator firings and political intrigue
• 04:32: White House considers proxy advisor restrictions (Alex Frango)
• 05:54: Index fund voting power examined (Alex Frango)
• 06:37: Drug companies strike Medicare deal for obesity drugs
• 07:06: Market impact and competitive advantage for Lilly and Novo
• 08:00: Priority FDA reviews for new obesity drugs
• 09:06: U.S. military posturing toward Venezuela
• 09:55: Plan to expand oil drilling and climate analysis (Julia Petroni)
• 10:58: IEA oil demand projections and climate risk
• 11:52: Harvard grade inflation stats and controversy

Tone & Language

The episode maintains the brisk, analytical, and fact-driven tone characteristic of The Wall Street Journal, with a focus on policy impacts, exclusive reporting, and quoting both business and government sources for insight.

For listeners who missed the episode, this summary delivers a comprehensive, section-by-section walkthrough of the week’s top stories—pulled straight from the voices of those most affected and those shaping the headlines.