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Carney’s First Budget Signals a Generational Reset for Canada’s Finances

Prime Minister Mark Carney jokes with Minister of Finance and National Revenue Francois-Philippe Champagne as they greet families before participating in an announcement at a community centre in Ottawa, on Friday, Oct. 10, 2025. Prime Minister Mark Carney’s inaugural budget is being framed as a turning point in Canada’s fiscal direction, marking a sharp departure from the spending patterns of recent years . Presented alongside Finance Minister François-Philippe Champagne, the budget is not just a financial document but a statement of intent: to reshape the country’s economic priorities in the face of global uncertainty and domestic pressures. At the heart of the plan is a shift away from expansive spending toward what Carney has described as “tough choices” and “sacrifices.” The government has emphasized that Canada must “spend less to invest more” , signaling a reallocation of resources rather than an outright expansion of the deficit. This approach reflects Carney’s long-standing...
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Showdown in Washington: Shutdown Looms as Talks Collapse

 


With just hours left before the federal funding deadline, President Donald Trump and top congressional leaders left a high-stakes White House meeting on September 29 without a deal, pushing the government to the brink of a shutdown.

The discussions, described as “frank and direct,” exposed deep divisions between Republicans and Democrats. Republicans are pressing for a short-term funding extension to keep the government open until late November, while Democrats are demanding the reversal of recent Medicaid cuts and the extension of health care subsidies set to expire this year.

House Speaker Mike Johnson blamed Democrats for refusing to accept what he called a “simple solution,” while Senate Minority Leader Chuck Schumer countered that Republicans were holding health care access “hostage” in the negotiations. Vice President JD Vance signaled little optimism, telling reporters, “I think we’re headed to a shutdown”.

If no agreement is reached by midnight on October 1, federal agencies will begin closing their doors, with millions of workers facing furloughs and critical services disrupted. The standoff marks the most serious budget crisis of Trump’s second term and underscores the widening partisan gulf in Washington.


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