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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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Trump Warns Democrats of Lasting Cuts as Shutdown Looms

The sun sets behind the U.S. Capitol dome, on the day U.S. President Donald Trump met with top congressional leaders from both parties, just ahead of a September 30 deadline to fund the government and avoid a shutdown, in Washington, D.C., U.S., September 29, 2025.

President Donald Trump warned congressional Democrats that a looming government shutdown could trigger “irreversible” actions, including permanent cuts to programs and benefits they support. Speaking from the Oval Office, Trump suggested that his administration could use the shutdown to downsize federal operations in ways that would be difficult to reverse later.

Trump praised budget director Russell Vought for his ability to trim spending, framing the shutdown as an opportunity to reduce what he described as “fraud, waste, and abuse” in government programs. He emphasized that Democrats were “taking a risk” by holding out for expanded health benefits and other provisions in the funding bill.

The standoff comes as Congress faces a midnight deadline to keep the government open. Without a deal, federal agencies will begin furloughing workers and suspending non-essential services. Past shutdowns have disrupted air travel, delayed small business loans, and halted environmental cleanup efforts.

Democrats argue that Republicans are refusing to extend critical health subsidies, while Trump insists that the shutdown could be avoided if Democrats drop their demands. With no breakthrough in sight, the U.S. is bracing for its 15th government shutdown since 1981.


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