U.S. Government funding for scientific research has led to innovations and breakthroughs for decades. But, with funding freezes, slashed budgets, and the cancellation of grants, the health of America’s scientific enterprise is in jeopardy. What’s at stake – for research, innovation, and the economy? How did we get here, and what will it take to chart a more sustainable path forward? David Leonhardt, director of the Editorial Board of The New York Times, leads a discussion with Holden Thorp, editor in chief of the Science family of journals, Jennifer Nuzzo, epidemiology professor at Brown University, and Karel Mertens, senior vice president at the Federal Reserve Bank of Dallas. Their conversation was held in late June, 2025.