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Good morning. In case you missed it, my pal Bob Herman got the Joe Kernan treatment on CNBC’s “Squawk Box” on Friday, where he discussed his excellent new series “Out of Pocket, Out of Reach.” Kernan got in a lot of digs at Democrats and Obamacare, but Bob kept his comments apolitical. A true professional!

Caregivers brace for pay cuts, and maybe homelessness

States are scrambling to trim their budgets ahead of major provisions of Republicans’ One Big Beautiful Bill Act, which cuts roughly $1 trillion from Medicaid over the coming decade. First up on the chopping block: programs states aren’t required to cover under federal law. My colleague, O. Rose Broderick, identified at least half a dozen states that either are or are trying to slash pay for family caregivers — often parents — of people with intellectual and developmental disabilities.

Rose’s story exposes the truly devastating human toll of these cuts. Two mothers caring for their disabled sons now face losing their homes. Their kids’ needs are so high, they can’t work beyond caring for them.