4.6 β’ 29.8K Ratings
ποΈ 14 February 2025
β±οΈ 28 minutes
ποΈ Recording | iTunes | RSS
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0:00.0 | This is Planet Money from NPR. |
0:05.9 | There is a gigantic money pipe. |
0:10.0 | This unfathomably large hose through which hundreds of millions of dollars flow every single day. |
0:16.2 | At least that's how we think of it. |
0:19.4 | More officially at the Treasury, it's known as the secure payment system. |
0:23.8 | The federal government basically runs through that money pipe. |
0:27.7 | Almost 90% of all federal payments flow through it. |
0:31.8 | Payments to Medicaid and Veterans Affairs and Customs and Border Protection. |
0:37.0 | Payments to the Library of Congress, the SEC, the FCC, the FCIC, that's the Federal Crop Insurance Corporation. |
0:45.4 | Congress allocates trillions of dollars to go to specific parts of the government. |
0:49.5 | And when those parts of the government need a chunk of their allowance, they request it and |
0:54.7 | Treasury sends it through the old money pipe. And then, a few weeks ago, the pipe, what's the way |
1:01.4 | to put this? Got frozen, I guess, partially frozen? The Trump administration ordered a pause, |
1:08.0 | a freeze on a huge chunk of federal spending, on federal assistance, grants and loans and subsidies, that kind of thing, saying basically, do not request your funds. |
1:19.7 | All of those need to be reviewed. Then the courts blocked that freeze, but then, reportedly, some parts of the government were still not getting |
1:29.2 | their money. Nobody seemed to know what was happening. And there have been enormous consequences |
1:35.2 | amid all this confusion. Hundreds and hundreds of people lost their jobs. Clinics and daycares |
1:41.8 | across the country don't know if they will have money to operate. |
1:46.6 | Retirees fretted about getting their payments. |
1:49.3 | But the United States is a country of transparency. |
1:53.4 | And if you know where to look, there is a way to cut through all the confusion and peer deep into the giant money pipe for answers. |
2:03.7 | Hello and welcome to Planet Money. I'm Erica Barris. And I'm Mary Childs. Today on the show, |
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