WSJ What’s News: The House Prepares to Vote On Bill to End the Government Shutdown

Date: November 12, 2025
Host: Alex Osila, The Wall Street Journal
Key Guests: Anvi Bhutani (WSJ Washington reporter), Allison Poley (WSJ travel and tourism), Nick Timiros (Chief Economics Correspondent)

Episode Overview

This PM edition of WSJ’s What’s News focuses on the imminent House vote to end the record-breaking U.S. government shutdown, implications of the spending bill under consideration, and the ripple effects across government, travel, and business. The episode also covers Federal Reserve divisions on future interest rate decisions, an FTC probe into proxy advisory firms, and marks the end of the US penny.

Main Topics and Key Insights

1. House Vote to End Government Shutdown

(00:41 – 03:30)

• House Action: The House is convening for a key vote to reopen the government after a record shutdown.

  “The package extends funding for much of the federal government through January and includes funding for the full year for the Agriculture Department, military construction and the legislative branch.” (B, 00:46)

• Bill Details:
  • Guarantees reversal of federal layoffs during the shutdown (i.e., no mass firings until end of January).
  • Federal employees who missed paychecks due to furloughs will receive back pay—a significant win for federal workers.
  • Enhanced security funding for lawmakers after the shooting of Charlie Kirk.
  • Provision for potential $500,000 payouts to Republican senators whose phone records were investigated by the DOJ—a controversial element criticized by both parties.

  “There are also potential $500,000 payouts that might go out to several Republican senators...but both Democrats and Republicans have criticized this and don't think it's appropriate.” (D, 02:20)

  • Speaker Mike Johnson announced plans to introduce a bill repealing the payout provision.
• Healthcare Subsidies:
  • No new language for extending healthcare subsidies in the bill.
  • Democrats secured a promise for a Senate vote by mid-December, but only if some Republicans support it—uncertain possibility and only a Senate commitment so far.

  “The Democrats did not get any kind of language on health care subsidies in this current spending bill.” (D, 02:55)

2. Effects on Air Travel

(03:34 – 06:31)

• Travel Disruptions Continue:
  • Shutdown keeps flights disrupted; travelers report long delays and cancellations.

  “After a trip on Sunday that had her sitting on the tarmac at LaGuardia for two hours.” (B, 03:47)

• Why the Slow Return to Normal?
  • FAA required airlines to cut traffic at 40 major airports.
  • Crews and planes are out of position; operations can’t just snap back—resumption will be gradual.

  “It's not like the airlines can snap their fingers...They've been displaced.” (F, 04:16)

• Duration of Disruptions:
  • At least several days of continued delays expected as traffic is phased back in—complicated by upcoming Thanksgiving travel surge.

  “It's going to be several days. It’s not going to be instant.” (F, 04:43)

• Impact on Airlines:
  • About 6% of all flights canceled during shutdown; however, severe local disruptions (i.e., LaGuardia and Detroit had over half their flights delayed).
  • Financial impact exists but is not enough to wipe out airline profits due to mandated refunds and advance ticket purchases.

  “...shutdown is going to have a financial impact on the carrier and on other airlines, but it's not going to come close to wiping out their profits.” (F, 05:59)

3. FTC Probes Proxy Advisory Firms

(06:38 – 08:04)

• Antitrust Investigation:
  • FTC is investigating Institutional Shareholder Services and Glass Lewis for possible antitrust violations in steering shareholder votes, especially on climate-related proposals.

  “The investigation is in its early stages and is looking at how the two companies steer clients on hot button issues such as climate related shareholder proposals.” (B, 06:40)

• White House Response:
  • Considering an executive order to limit influence of proxy advisors on shareholder voting.

4. Divisions Within the Federal Reserve

(08:04 – 10:38)

• Fed Officials Split:

  • Uncertainty over whether inflation or the labor market is the greater threat to the economy.
  • Disagreement clouds the prospects of future interest rate cuts.

  “There's a split emerging within the Federal Reserve, whether it's inflation or the labor market, that poses the greatest threat to the US Economy.” (B, 08:04)

• Key Questions to Watch:

  1. Are tariff-driven price increases fleeting or persistent?
  2. Is the job growth slowdown due to falling demand (bad for economy) or just worker scarcity (neutral)?
  3. How close are interest rates to the “sweet spot”?

  “It's unusual that you see this kind of fracturing by the Fed. And it has to do with three big mysteries the economy faces right now.” (C, 09:04)

• Market Expectations:

  • Traders still mostly expect a December rate cut, but confidence has lessened following Chair Powell's comments.

  “Traders still see a December interest rate cut as more likely than not, but not nearly as overwhelming a prospect as before.” (C, 10:01)

5. Markets & Global Updates

(10:42 – 11:43)

• Stock Market:
  • Dow closes above 48,000 for the first time (+0.7%). S&P slightly up; Nasdaq dips due to tech losses.
• Ukraine Developments:
  • Suspension of the justice minister and resignation of the energy minister amidst corruption allegations threaten President Zelensky’s domestic and international support as Russia advances.

6. The End of the US Penny

(11:43 – 12:18)

• Production Ceases:
  • Last U.S. penny minted in Philadelphia.

  “This is US Treasurer Brandon Beach pushing the button. ‘I'm going to do a countdown on this one. This is the last one. Three, two, one.’” (H, 11:43)

• Policy Rationale:
  • Penny costs 3.7¢ to make; ending saves the government $56 million annually.
  • Existing pennies remain legal tender.

Notable Quotes & Moments

• On worker back pay:

  “This is a win for federal workers.” – Anvi Bhutani (D, 01:53)

• On air travel chaos:

  “So if you were one of those travelers, one in two travelers had a massive delay on their flight.” – Allison Poley (F, 05:21)

• On the uniqueness of Fed disagreement:

  “It's unusual that you see this kind of fracturing by the Fed. And it has to do with three big mysteries the economy faces right now.” – Nick Timiros (C, 09:04)

• On the end of the penny:

  “‘I'm going to do a countdown on this one. This is the last one. Three, two, one.’” – US Treasurer Brandon Beach (H, 11:43)

Key Segment Timestamps

• [00:41] — House vote on shutdown-ending bill and bill details
• [01:19] — Spending bill “nuggets” with Anvi Bhutani
• [02:55] — Health care subsidies update
• [03:34] — Ongoing air travel impacts
• [04:16] — WSJ’s Allison Poley on flight recovery delays
• [05:59] — Financial effects for airlines
• [06:38] — FTC investigation of proxy advisors
• [08:04] — Fed’s internal split on economic threats
• [09:04] — Three economic mysteries facing the Fed
• [10:42] — Market close and Ukraine government turmoil
• [11:43] — The last US penny minted; end of an era announcement

This episode provides a fast-paced and highly informative look at the day’s most consequential economic, political, and market news—sharply highlighting the links between Washington policy, everyday life, and global business.