Marketplace Morning Report on RADIO IQ & RADIO IQ With BBC News

President Obama is calling a surprise bipartisan budget agreement in Congress a good first step. The deal will roll back some of the across-the-board sequester cuts to the budget while at the same time raising fees on things like the security surcharge on airline tickets. If the deal is approved, federal pensions will change. And, not long ago, Peter Buffett sent a frisson through the world of philanthropy with a recent op-ed piece saying a lot of charity gets it wrong. Buffett presides over a major philanthropy along with his wife, Jennifer. Their foundation works to empower girls and women globally and to foster locally-focused economies. Jennifer and Peter Buffett tell Marketplace Morning Report why philanthropies have to watch out for the unintended consequences of their giving.

The final text of the so-called Volcker rule is set to debut this morning. The controversial centerpiece of the Dodd-Frank financial reform law that came out of the 2008 economic collapse, the Volcker rule will attempt to limit this proprietary trading in the interest of avoiding another taxpayer bailout of Wall Street. Officials in China are worried that credit there got too easy, fueling what might be a speculative bubble. Some Chinese lenders have used borrowing between banks as a disguise for some of their riskier ventures. But interbank lending is a bedrock part of the legitimate financial system and some foreign banks are feeling caught up in China's crackdown. And, this week, Marketplace's Wealth and Poverty Desk is taking a deep dive into philanthropy. Today, we meet someone who's learned a few lessons about grant-making, the hard way. 

Over the last four days, China's commercial capital Shanghai has been smothered by its worst air pollution on record.  Buildings were invisible from the waist up, flights were canceled, and city vehicles have been ordered off the roads as people stay indoors, hunkered down around their particle filters. And, today Marketplace's Wealth and Poverty Desk launches a series called A Lot to Give. It's about high-wealth philanthropy, which is sometimes defined as people who give a million dollars or more. It turns out there are some 80,000 private charitable foundations operating in the U.S. today. And you don't have to be crazy rich to launch one.

Nelson Mandela, the man who lead South Africa to end apartheid and served as an inspiration to many around the world, died yesterday at 95. His death is a reminder of how economics can be a tool of oppression as well as a tool of liberation. The government's official jobs numbers are out this morning. With unemployment in the U.S. still over 7 percent but new jobs being created at a slow but steady clip now, there are lots of people applying for virtually every position advertised. Most of these applicants are screened by a computerized "applicant tracking system." But some applicants are being left out and companies are trying to put the human touch back into the screening process. 

Today, China's central bank officially barred Chinese banks from offering services connected to the virtual, digital currency Bitcoin. The government also issued a new set of regulations for Bitcoin exchanges in China. And, as federal health care reform unfolds, Marketplace continues to follow the city of Camden, New Jersey to see how the new law affects one community. Today, we visit to Cooper University Hospital, which is expecting a surge of patients starting next month, as millions of people get health insurance, some for the first time. The question for hospital executives is how to manage this new population. The answer: Take a page from the airline industry.