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The oil market struggled in Q3 as prices continued to soften under mounting supply pressure.

Following moderate gains in H1, prices contracted through Q3, ending the quarter lower than their July 1 start positions.

Brent crude started the period at US$67.10 per barrel and finished at US$65.90, a 1.7 percent decline. Similarly, West Texas Intermediate (WTI) entered the 90 day session at US$65.55 per barrel, slipping to US$62.33 by September 30.

In its recently released energy, oil and gas report for the third quarter, Deloitte attributes the summer price slump to rising global oil inventories and OPEC+ easing production cuts sooner than expected.

“OPEC+ recently announced a 137 million barrels per day (MMbbl/d) production quota increase for October, beginning the reversal of 1.65 MMbbl/d of voluntary cuts that were originally set to stay in place through 2026,” it reads.

Supply has also exceeded demand in the US by 1.6 MMbbl/d between May and August, according to the US Energy Information Administration (EIA), fueling projections of further stock builds for the remainder of the year.

“We expect inventory builds will average 2.1 MMbbl/d in the second half of 2025 and will remain elevated through 2026, putting significant downward pressure on oil prices,” the EIA notes in its September short-term energy forecast.

WTI price performance, December 31, 2024, to October 6, 2025.

Oil prices under pressure amid rising inventories, sluggish demand

Such gains are unusual for the shoulder season, when demand typically dips to around 103 million to 104 million barrels per day, compared to 106 million in summer and winter, Schachter pointed out.

On the flip side, global oil demand in the third quarter remained subdued, with growth projections of approximately 700,000 barrels per day (bpd) for both 2025 and 2026, according to the International Energy Agency (IEA).

This marks a significant slowdown compared to the 2.8 percent growth observed in 2024.

The IEA attributes this deceleration to factors such as high interest rates, economic uncertainties and structural shifts in energy consumption patterns. Looking ahead, the organization projects a modest rebound in global oil demand, with an anticipated increase of 700,000 bpd in 2026. However, this growth is contingent upon factors such as economic stabilization, energy policy developments, and potential shifts in global trade dynamics.

“Demand is weaker. Inventories are high, OPEC is raising production, and so we have all of that, and we think that we’re going to see WTI below US$60,” said Schachter, adding that he expects to see WTI values sink to the US$56 to US$59 range in the fourth quarter.

Geopolitical tensions drive oil price volatility

Much of the oil price volatility exhibited in the third quarter was driven by geopolitical factors, according to Igor Isaev, Doctor of Technical Sciences, and head of Mind Money’s Analytics Center.

‘Prices have swung sharply, driven by a complex interplay of geopolitical flashpoints, punitive trade policies and structural changes in supply dynamics. From Tehran to Texas, the forces shaping global energy are no longer cyclical — they’ve become groundbreaking, unveiling symptoms of a broader recalibration of energy security and sovereignty.”

As Isaev explained, while these forces aren’t new, they have been especially impactful amid heightened global strife.

“At the heart of recent volatility lies a familiar trio: tariffs, conflict and fragility. US-China trade tensions have resurfaced in the form of targeted energy tariffs, while carbon border adjustments in Europe have added further complexities to global flows,” the expert explained. “Meanwhile, geopolitical instability in Iran, Venezuela, Russia and parts of Africa continues to inject a risk premium into every barrel.”

Despite all the market turbulence, Isaev noted that one steady factor persists — US shale’s balancing act. Once the industry’s great disruptor, shale now serves more as a pressure valve during supply crunches than a growth engine.

However its flexibility is waning. Higher interest rates, escalating service costs and maturing geology, particularly in the Permian Basin, have shifted producers’ focus from expansion to efficiency, he said.

“Its role heading into 2026 will be stabilizing, but not leading.”

For Schachter, the weak price environment falls below the incentive price for US shale producers.

Currently, shale production remains resilient, hitting 13.5 million barrels per day the first week of October, up 200,000 barrels from last year, he said. Producers continue to tap high-quality, tier-one reserves using advanced techniques like longer-reach, multi-leg wells and improved completions, keeping some operations profitable even at US$61.

Oil and gas M&A volume slows, but values surge

As uncertainty abounds companies continue to shy away from deal making. An August report from Wood Mackenzie notes that deal activity in 2025 is down 10 percent, to only 85 sector wide by mid-August.

“The number of deals has been declining progressively since 2022, making this the seventh consecutive half-year drop, with volumes now well below the ten-year average,” the firm’s analysis reads.

Despite the volume decline, values are on the rise.

“At US$71 billion, the overall value of disclosed deals was higher than the half-year average for the last five years, and a huge 80% higher than the unusually low total for the previous half year,” the report continues.

One of the largest deals announced during the quarter was Crescent Energy’s (NYSE:CRGY) acquisition of Vital Energy (TSXV:VUX,NYSE:VTLE), an all-stock deal valued at US$3.1 billion.

The deal will birth one of the 10 largest independent oil and gas producers in the US. The combined company will operate across major basins, including the Eagle Ford, Permian and Uinta.

Although deal volumes have retracted, both Isaev and Schachter anticipate majors heading to market in an effort to bolster their market share.

“M&A activity in North America is likely to accelerate,” said Isaev. “Consolidation will be driven not by land grabs, but by strategic repositioning — especially in LNG, CCS and low-carbon petrochemicals. I expect deals prioritizing operational efficiency, reserve quality and transition alignment over immediate revenue effect.”

For Schachter, majors play a pivotal role in securing today’s oil supply, as well as in funding the innovation for future oil production. “You’re always going to see the big boys go after the medium boys,” he said. “Once you find a good asset, you want to control more and more of it, so you buy other people up. So I think consolidation will be there.”

He went on to note that new technology will open up more plays offshore in the Gulf of Mexico.

“We haven’t really talked a lot about discoveries in the Gulf of Mexico for a long time; I think there will be new technology that will be applied to drilling,’ Schachter commented.

Accessing these offshore assets will not be cheap, as he estimates the wells there could cost upwards of US$50 million wells compared to under US$10 million for an onshore well.

“So that’s going to require the big boys to do that. But the prizes can be there, as we found with Guyana,” said Schachter, pointing to the Caribbean nation’s growth from no output to over 600,000 barrels per day currently.

Gas demand weakens as LNG expansion fuels potential Asian growth

After a sharp rebound in 2024, global natural gas demand slowed notably in the first half of 2025 as high prices, tight supply and economic uncertainty curbed consumption.

That was particularly true in Asia, where both China and India posted year-on-year declines.

Starting the third quarter at US$3.43 per million British thermal units, natural gas values contracted through July and August sinking to a year-to-date low of US$2.73 on August 20, 2025.

Values have since regained lost ground ending the three month period in the US$3.35 range.

Natural gas price performance, December 31, 2024, to October 6, 2025.

As noted in the IEA’s Q3 gas market report, Europe’s LNG imports are on track to hit record highs this year, driven by storage needs and reduced Russian pipeline flows.

Meanwhile, China’s imports are falling amid weaker demand and competition for cargoes, and ongoing geopolitical tensions, including the Israel-Iran conflict, have added volatility and uncertainty to an already fragile market.

Isaev underscored the importance of geography and regional tensions in relation to the gas market.

“In the natural gas arena, the pivot is predominantly geographic. European demand has somewhat rebounded, driven by colder winters and a continued retreat from Russian pipeline gas,’ he said.

Asia, by contrast, has seen softer industrial demand and increased reliance on domestic coal. For Canadian and US producers, this shift presents a strategic opening,” Isaev continued.

He went on to explain that LNG export infrastructure expansion, from BC to the US Gulf Coast, and long-term contracts with European buyers are “becoming geopolitical tools as much as commercial deals.”

While Schachter sees moderate European demand growth due to sluggish economic expansion, the longer-term surge is expected from Asia. As he pointed out, countries such as Japan, South Korea, China and Vietnam, which lack domestic reserves, will increasingly import LNG from sources like Australia, Papua New Guinea, the Gulf Coast and Canada.

‘And prices (in Asia) might be US$11 to US$12 compared to US$3.50 in the US,” said Schachter.

Looking ahead, the EIA forecasts that LNG supply growth is expected to surge in 2026 — led by new output from the US, Canada and Qatar — easing market pressures and potentially reigniting demand across Asia.

Oil and gas market forecast for Q4

Moving into the rest of 2025 and early 2026, Schacter warned that weather remains a key wildcard for energy markets.

He recommended watching whether winter will be mild or unusually cold, as Arctic fronts could spike oil and natural gas prices. Early forecasts, including those from the Farmers’ Almanac, suggest a colder-than-normal winter, though factors like El Niño could influence outcomes and add further uncertainty.

The oil and gas sector veteran, who will be hosting his annual Catch the Energy conference in Calgary in mid-October, also cautioned that global geopolitical risks remain a key market driver. Any disruptions in strategic chokepoints like the straits of Malacca or Hormuz, which could block crude shipments, have the potential to push oil prices higher.

‘And if we do, that’s going to be very, very good for the industry.”

Isaev pointed to OPEC+ tactical production, US shale prioritizing capital discipline over output growth, and LNG shipments to Europe and Japan being increasingly influenced by geopolitical dynamics, as key trends to watch.

“When you factor in the ongoing tensions in the Middle East and West Africa, along with the regulatory shifts surrounding carbon pricing and exploration permits, it’s evident that 2025 isn’t just going to be volatile — it’s a year for strategic realignment,” he said. “The advantage will go to those who can skillfully navigate this complexity, foresee critical turning points and invest their capital with both accuracy and creativity.”

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Investor Insight

Metro Mining is one of the few pure-play upstream bauxite companies globally listed on a stock exchange. As a direct exposure to the aluminum sector, Metro offers investors a unique opportunity to benefit from rising global demand driven by industrial applications and growth areas such as electrification, batteries, renewable energy, and lightweight transportation solutions.

Overview

Metro Mining (ASX:MMI) is a low-cost, high-grade Australian bauxite producer with its 100-percent-owned Bauxite Hills mine located 95 km north of Weipa on the Skardon River, Queensland. The mine forms part of a tenement package covering ~1,900 sq km.

Bauxite Hills Mine

As at 31 December 2024, Bauxite Hills contained 114.4 Mt of ore reserves, supporting an ~11-year mine life, with additional mineral resources extending mine life by roughly five years.

Following the infrastructure expansion commissioned in late 2023, the operation is ramping up production during 2025 and remains on track to deliver 6.5 to 7 WMtpa by year end. This positions Metro as one of the lowest-cost global bauxite producers.

The aluminum sector continues to see rising demand growth of around 3 to 4 percent annually, supported by EV manufacturing, renewable energy infrastructure, battery production and lightweight transportation. Market conditions have been strengthened by instability in Guinea, where government actions and weather disruptions have curtailed exports, creating supply uncertainty and reinforcing the importance of reliable Australian producers.

Company Highlights

  • Metro Mining’s flagship asset, the Bauxite Hills mine (BHM) in Skardon River, located 95 km north of Weipa in Cape York Peninsula Queensland, benefits from proximity to Asian markets, short haul distances, and a highly scalable, low-cost marine transportation system, ensuring industry-leading operating margins.
  • Production ramp-up continuing in 2025 following infrastructure expansion in late 2023. August 2025 shipments reached 753,101 WMT, up 6 percent year-on-year, with year-to-date production of 3.4 Mt, keeping the company on track for its 6.5 to 7 million WMT per annum CY2025 target.
  • Targeting a delivered bauxite cost below US$30 per dry ton CIF China, positioning the company firmly within the lowest quartile of global producers.
  • End of Q2 2025: Cash balance of AU$28.7 million, secured debt of US$56.6 million, and full-year hedged position at 0.63 US$:A$.
  • Ore reserves of 77.7 Mt underpinning ~11 years of mine life, with additional mineral resources providing ~five more years
  • Metro Mining maintains robust environmental and social governance, evidenced by receiving the Association of Mining and Exploration Companies’ 2024 Environment Award.

Key Project

Bauxite Hills Mine (Queensland, Australia)

Metro Mining’s flagship asset, the Bauxite Hills mine, is located on the Skardon River, about 95 kilometres north of Weipa in Queensland. The mine is underpinned by 114.4 Mt of ore reserves as at 31 December 2024, providing approximately 11 years of production, with further Mineral Resources extending mine life by around five years.

Bauxite Hills is a straightforward, low-cost DSO operation. The orebody requires no blasting, with only ~0.5 metres of overburden to remove, and short average haul distances of nine kilometres. Ore is screened to below 100 millimetres and hauled to the barge loading facility, where it is transported via tugs and barges to offshore transhippers for loading onto Capesize vessels bound for Asian markets. This efficient marine logistics chain enables Metro to remain in the lowest quartile of global cost producers.

Production continues to build steadily. In Q2 2025, the mine shipped a record 1.9 Mt, generating site EBITDA of AU$54 million and a margin of AU$32 per tonne. In August 2025, shipments reached 753,101 tonnes, a six percent increase from the prior year, with 3.4 Mt shipped year-to-date, putting the mine firmly on track to meet its 2025 target of 6.5 to 7 Mt.

Metro has established offtake agreements with leading global alumina and aluminum producers, including Chalco, Emirates Global Aluminium, Xinfa Aluminium and Shandong Lubei Chemical. To support growth beyond 2025, debottlenecking and optimisation studies are underway to enable potential expansion to 8 Mtpa beyond 2026.

The company is also advancing exploration in surrounding lateritic bauxite terraces. Drilling campaigns are planned across EPM 27611, EPM 16755, EPM 25879 and EPM 26982 during the second half of 2025, with approximately 150 holes scheduled.

In addition, Bauxite Hills hosts a significant kaolin deposit beneath the bauxite ore. Metro is progressing a feasibility study to assess extraction potential, market strategies and product testing, with applications in ceramics, paper, paints and industrial uses.

Management Team

Simon Wensley – CEO and Managing Director

Simon Wensley is a proven industry leader with extensive experience in mining operations and strategic growth. He spent 20 years at Rio Tinto in various operational, project and leadership roles across commodities, including iron ore, industrial minerals, bauxite, alumina, coal and uranium.

Douglas Ritchie – Non-Executive Chair

Douglas Ritchie brings more than 40 years’ experience in resources, previously holding senior leadership roles at Rio Tinto, including CEO of Rio Tinto Coal Australia, chief executive of the Energy Product Group, and group executive of strategy.

Nathan Quinlin – CFO

Nathan Quinlin is experienced in financial strategy and cost optimization, previously serving as finance and commercial manager at Glencore’s CSA mine, managing finance, risk management and life-of-mine planning.

Gary Battensby – General Manager and Site Senior Executive

Gary Battensby has extensive experience in managing large-scale metalliferous mining operations, budget control and regulatory compliance. He previously oversaw teams of up to 350 staff and operations with substantial CAPEX and operational responsibilities.

Vincenzo De Falco – General Manager, Marine Supply & Logistics

With over 15 years of global experience in the shipping and maritime industry, including at IMC and Louis Dreyfus Armateurs, Vincenzo De Falco is leading the Metro Marine Team to manage BHM transhipping logistics, including new Floating Crane Terminal (Ikamba) as well as Tug Mandang.

This post appeared first on investingnews.com

The newly formed media corporation Paramount Skydance has acquired The Free Press, an online news and commentary outlet co-founded by Bari Weiss, who will join CBS News as editor-in-chief.

Weiss launched The Free Press in 2021 with her wife, Nellie Bowles, and her sister, Suzy Weiss. They have presented the publication as a heterodox alternative to the legacy news media and a bulwark against “ideological narratives,” particularly on the political left.

Bari Weiss in New York in 2024.Noam Galai / Getty Images for The Free Press file

The acquisition is one of Skydance chief David Ellison’s most significant early moves to reshape the news unit at Paramount, which he acquired in a blockbuster $8 billion deal earlier this year.

In seeking federal approval of the merger, Skydance vowed to embrace “diverse viewpoints” and represent “the varied ideological perspectives of American viewers.” The company also pledged to install an ombudsman at the nearly 100-year-old CBS News operation.

“This partnership allows our ethos of fearless, independent journalism to reach an enormous, diverse, and influential audience,” Weiss said in a news release. “We honor the extraordinary legacy of CBS News by committing ourselves to a singular mission: building the most trusted news organization of the 21st Century.”

The Free Press has roughly 1.5 million subscribers on Substack, with more than 170,000 of them paid, according to Paramount Skydance. The Financial Times estimated that the publication generates more than $15 million in annual subscription revenue. NBC News has not independently verified that figure.

“Bari is a proven champion of independent, principled journalism, and I am confident her entrepreneurial drive and editorial vision will invigorate CBS News,” Ellison said in a statement. “This move is part of Paramount’s bigger vision to modernize content and the way it connects — directly and passionately — to audiences around the world.”

The acquisition talks between Ellison and Weiss were first reported in late June by Status, a media industry newsletter. Ellison is the son of billionaire tech mogul Larry Ellison, the co-founder of the software firm Oracle.

Weiss co-founded The Free Press after quitting the opinion section of The New York Times. In a resignation letter that was published online, Weiss decried what she characterized as the “illiberal environment” at the newspaper.

The Free Press earned wide attention in April 2024 after it published an essay from Uri Berliner, a senior business editor at National Public Radio who accused his employer of organizing around a “progressive worldview.” Berliner then resigned from NPR and joined The Free Press.

The publication’s regular stable of columnists includes Tyler Cowen, an economist and podcaster; Matthew Continetti, the author of a book about the evolution of American conservatism; and Niall Ferguson, a British-American historian.

CBS News has repeatedly found itself in the national spotlight in recent months. President Donald Trump filed a lawsuit last year against Paramount accusing “60 Minutes” of deceptively editing an interview with then-Vice President Kamala Harris.

CBS denied the claim. Paramount settled Trump’s lawsuit for $16 million.

The Federal Communications Commission is still investigating whether CBS engaged in “news distortion.” The commission is chaired by Brendan Carr, who was appointed by Trump at the start of his second term.

This post appeared first on NBC NEWS

This government shutdown isn’t President Donald Trump’s first rodeo navigating a lapse in government funding — but this time, the focus is less on the White House as all eyes are locked on Congress and its budget impasse. 

While the 35-day shutdown during Trump’s first term centered around the president’s priorities to fund a border wall between the U.S. and Mexico, the current shutdown doesn’t pit the White House against the legislative branch. 

Rather, there is a stalemate between Republicans and Democrats in Congress over certain healthcare provisions — alleviating pressure on the White House and giving Trump time to post videos showing House Minority Leader Hakeem Jeffries, D-N.Y., in a sombrero in an AI-generated clip underscoring Republicans’ claims that Democrats want to provide healthcare to illegal immigrants. 

This paves the way for Trump to remain in the wings during the partial shutdown, and let Democrats take the fall for the consequences, according to libertarian political columnist Kristin Tate.

‘By staying relatively quiet right now, President Trump is allowing Democrats to ‘own’ the shutdown,’ Tate said in a Wednesday email to Fox News Digital. ‘The president realizes that if he says anything confrontational right now, the narrative will center around his remarks rather than the Democrats’ refusal to support a reasonable spending bill.’ 

‘By maintaining a low profile, Trump is allowing the public to see how the Democrats are acting,’ Tate said. ‘The Democrats will ultimately bear most of the political consequences of the shutdown.’

The government entered a partial shutdown Wednesday, amid a stalemate between Senate Republicans and Democrats over a short-term funding bill to keep the government open through Nov. 21. The House had previously passed the temporary spending bill in September. 

Three Senate Democrats joined Republicans to vote for the stopgap funding bill Tuesday, but the measure fell short of the required 60 votes needed for passage. 

Meanwhile, Trump and Republicans have claimed Democrats are seeking to provide health care for illegal immigrants, keeping the government from operating. They cite a provision that would repeal part of Trump’s tax and domestic policy bill — the so-called ‘big, beautiful bill’ — which scaled back Medicaid eligibility for noncitizens. 

But Democrats have said Republicans’ claims are false, and instead, have said they want to permanently extend certain Affordable Care Act subsidies that are set to lapse at the end of 2025. 

‘They say that undocumented people are going to get these credits,’ Senate Minority Leader Chuck Schumer, D-N.Y., said Tuesday. ‘That is absolutely false. That is one of the big lies that they tell.’

The shutdown differs from the one during Trump’s first term, where Trump and Democrats in Congress sparred about nearly $6 billion in funding for a U.S.-Mexico border wall in the spending bill for weeks. 

Ultimately, Trump backed off amid mounting pressure to reopen the government so federal employees could resume being paid after weeks of stalled payroll, and signed off on legislation to temporarily reopen the government without the border wall funding. 

Matt Wolking, who previously served as the deputy communications director for Trump’s 2020 campaign, said that the main difference between this shutdown in comparison to the previous one is that Democrats are the one requesting a policy change — not the White House. 

‘Trump is as engaged as ever — and using humor effectively, of course — and the biggest difference between now and then is that now it’s Democrats who are demanding a specific policy change,’ Wolking said in a Wednesday email to Fox News Digital. ‘They voted against funding the government because they want taxpayer-funded health care for illegal immigrants, and that’s why Trump and Republicans are well positioned to win the shutdown messaging battle this time.’ 

Additionally, Republican strategist Matt Gorman said that Democrats have put themselves in a tough position since they were the ones that voted against the continuing resolution. 

‘Times have shown over and over through the years that the public supports funding the government. They penalize the party that attaches extra policy priorities to whatever bill does that,’ Gorman, who previously served as the communications director for the National Republican Congressional Committee, said in a Wednesday email to Fox News Digital. ‘You’re already seeing moderate Democrats splinter off. As this goes on, I expect that to continue.’

Meanwhile, Trump is taking advantage of the shutdown to advance his priorities to whittle down the federal government in an unprecedented move. The White House’s Office of Management and Budget ordered agencies in Septemberto draw up plans for a reduction-in-force in the event of a lapse in appropriations. 

While federal employees typically are furloughed during government shutdowns, the Trump administration’s plans would permanently scale back the size of the federal workforce if a government shutdown occurs.

‘Republicans must use this opportunity of Democrat forced closure to clear out dead wood, waste, and fraud,’ Trump said in a social media post on Wednesday. ‘Billions of Dollars can be saved. MAKE AMERICA GREAT AGAIN!’ 

Vice President JD Vance has adopted a proactive role carrying the administration’s position, and told reporters Tuesday he predicted the shutdown wouldn’t last long. Specifically, he said that evidence suggests moderate Democrats are ‘cracking a little’ because they understand the ‘fundamental illogic’ of the shutdown. 

Still, he said that layoffs were forthcoming. Trump said Sunday that layoffs were ‘taking place right now’ as thousands of workers’ jobs remain in jeopardy. 

‘We’re going to have to make things work,’ Vance said. ‘And that means that we’re going to have to triage some certain things, that means certain people are going to have to get laid off. And we’re going to try to make sure that the American people suffer as little as possible from the shutdown.’

The White House said in a statement to Fox News Digital that every shutdown comes with consequences.

‘The Democrats can reopen the government at any time,’ White House spokesperson Abigail Jackson said Monday. 

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House Speaker Mike Johnson, R-La., dismissed the top House Democrat’s demand for a primetime debate on the government shutdown.

Minority Leader Hakeem Jeffries, D-N.Y., wrote to Johnson on Monday morning challenging him to a debate on the House floor ‘any day this week,’ to be broadcast live ‘to the American people.’

Johnson suggested he would not entertain that, however, calling the move a ‘publicity stunt’ to reporters that same morning.

‘When the poll says that about 13% of the people approve of your messaging, then you make desperate pleas for attention, and that’s what Hakeem Jeffries has done,’ Johnson said.

‘We debated all this on the House floor. As you know, before we passed our bill, he spoke for seven or eight minutes. He had all of his colleagues lined up. They gave it their best shot, and they argued, and they stomped their feet and screamed at us and all that. And still we passed the bill in bipartisan fashion and sent it over to the Senate.’

The House speaker was referring to a short-term federal funding bill aimed at keeping the government running through Nov. 21, in order to give congressional negotiators more time to pass fiscal year (FY) 2026 spending priorities.

That bill passed the House largely along party lines — with two Republicans opposed and one Democrat in support — but has stalled in the Senate.

‘The House has done its job. I’m not going to let Hakeem try to pretend for theatrics. I mean, this is a [Senate Minority Leader Chuck Schumer, D-N.Y.] decision. The ball is in the Senate’s court now,’ Johnson said.

‘We don’t need to waste time on that nonsense. Those debates have been had. I mean, Hakeem is a friend and a colleague. I respect him, but we all know what he’s trying to do there.’

The government is in its sixth day of the current shutdown, with Senate Democrats having rejected the GOP-led funding plan four times.

Democrats in the House and Senate, infuriated by being sidelined in federal funding talks, have been pushing for an extension of Obamacare subsidies enhanced during the COVID-19 pandemic. Those enhancements would expire by the end of 2025 without congressional action.

‘Democrats have been clear and consistent in our position. The country needs immediate, bipartisan negotiations between the White House and congressional leadership in order to reach an enlightened spending agreement that reopens the government, improves the lives of hardworking American taxpayers and addresses the Republican healthcare crisis,’ Jeffries wrote to Johnson on Monday.

‘Unfortunately, Donald Trump and your party decided to shut down the government, because the GOP refuses to provide healthcare to everyday Americans. Further, you have kept House Republicans on vacation instead of working with Democrats to reopen the government.’

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The government shutdown entered its sixth day on Monday, and Senate Democrats are so firmly planted in their position that unless there is a deal on expiring Obamacare tax credits, they will not reopen the government. 

Senate Minority Leader Chuck Schumer, D-N.Y., and his caucus have largely remained unflinching in their demand that Republicans and President Donald Trump agree to a deal on the tax credits, which are set to expire by the end of the year.

It’s one of several demands they made in their counter-proposal to the GOP’s continuing resolution (CR), and appears to be the one that they believe to be the most attainable. Their other demands, repealing the healthcare section of the ‘big, beautiful bill’ and putting guardrails on the rescissions, are a nonstarter for Republicans and the White House.

Still, no party that has introduced unrelated demands into a government shutdown fight has walked away with a victory. The last government shutdown in early 2019 saw Trump demand that Democrats provide funding for his border wall, and he walked away empty-handed.

Throughout last week, Senate Democrats maintained a posture that they wanted Republicans to come to the negotiating table on the subsidies, which are set to sunset at the end of this year. Conversations among members are ongoing, which both Schumer and Senate Majority Leader John Thune, R-S.D., have encouraged.

‘We want Democrats to talk with Republicans,’ Schumer said. ‘And so it’s a good thing.’

But, he countered that Republicans hadn’t offered ‘anything really new — just the same old stuff.’

‘And so, nothing new on [Obamacare], nothing on rescissions,’ he said. ‘And so, look, Democrats want to go back and negotiate again, but they got to negotiate with something, get something in return.’

Democrats’ initial push was to make the subsidies — created during the COVID-19 pandemic to ease the cost of healthcare premiums available through the Affordable Care Act (ACA) — permanent. The subsidies were later enhanced through the Inflation Reduction Act in 2022 when Democrats last had a trifecta in Washington. That change removed the income cap on the subsidies. 

Republicans have said that they are interested in working out something on the tax credits, but that there should be reforms to the program.

‘The Obamacare enhanced, or COVID subsidies, are inflationary, and rates have been going up because that program is fundamentally flawed in ways designed,’ Thune said. ‘That doesn’t mean it can’t be reformed and fixed. It can, but we can’t get to that conversation until we get the government back open.’

Lawmakers are set to again vote on Republicans’ CR, and it is again expected to fail for a fifth time Monday, given that no deal was struck over the weekend. Both sides agree that a deal won’t come from the top level, but will have to be borne from negotiations among rank-and-file members.

Sen. Mike Rounds, R-S.D., has been directly involved in the member-level negotiations and said that Republicans did want to tackle the Obamacare issue. But, Democrats have to agree to reopen the government first.

‘It would be nice if Sen. Schumer could say his shutdown is complete, but we suspect that it will take members of his conference to make that decision on his behalf,’ Rounds said. 

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A weekend away from Washington did little to soften Senate Democrats’ resolve as they again blocked Republicans’ effort to reopen the government, ensuring the shutdown will last at least a week.

Senate Minority Leader Chuck Schumer, D-N.Y., and most of his caucus are adamant that unless a deal is struck on expiring Affordable Care Act (ACA) tax credits, commonly known as ObamaCare subsidies, they will not provide the votes needed to fund the government.

Senate Majority Leader John Thune, R-S.D., needs at least eight Democrats to cross the aisle and support the GOP’s bill, which would reopen the government until Nov. 21.

However, only Sens. John Fetterman, D-Pa., Catherine Cortez Masto, D-Nev., and Angus King, I-Maine, have broken with their caucus to end the shutdown. Meanwhile, Sen. Rand Paul, R-Ky., remains the lone Republican to buck his party.

Senate Democrats have remained steadfast in their demand that a deal must be reached to extend expiring ObamaCare subsidies, which are set to expire at the end of the year. They argue that unless Congress acts, Americans who rely on the tax credits will see their healthcare premiums skyrocket.

Both Senate leaders are encouraging talks among rank-and-file members to find a solution, but neither side can agree on when exactly the subsidies should be dealt with.

When asked what the appetite for tackling the expiring subsidies was within the Senate GOP, Thune said it was ‘a mixed bag.’ 

‘But like I said, you know, there may be a path forward,’ he said. ‘I think a lot of it would come down to what the White House lands on that, but certainly not without reforms. And we all know the program is broken, it needs to be fixed, so that would be certainly a starting place.’

Schumer wants an additional bulwark added to a deal: President Donald Trump has to sign off on it, given that there may be resistance among House Republicans to extending the Affordable Care Act (ACA) subsidies.

‘Look, the bottom line on that is we need the president to be involved. [House Speaker Mike] Johnson and a whole lot of his caucus don’t like the ACA, don’t want to do the extensions,’ he said. ‘A lot of Republican senators in the Senate do, but they’re not enough. Good is not enough.’

‘You need Johnson and you need Trump to get it done,’ he continued. ‘So that’s the bottom line.’

Trump told reporters in the Oval Office that ‘we’re talking to the Democrats.’ When asked if he would work to make a deal with them on ObamaCare subsidies to reopen the government, he said ‘Yeah.’ 

‘I’d like to see a deal made for great healthcare,’ Trump said. Ii want to see great healthcare, I’m a republican but I want to see healthcare much more so than the Democrats.’ 

Schumer fired back in a statement that Trump’s ‘claim isn’t true — but if he’s finally ready to work with Democrats, we’ll be at the table.’

And Fetterman, who has routinely voted against shutting the government down regardless of which party controlled the Senate, recognized that without Trump’s greenlight, a deal would go nowhere.

He gave the example of a bipartisan border deal negotiated between Republicans and Democrats in the Senate in 2023 that was sidelined under orders from Trump.

‘It got tanked. Trump tanked that, and he wasn’t the president, and he didn’t have to sign that thing,’ Fetterman said. ‘So what I’m saying, where’s the leverage? Because ultimately, doesn’t he have to sign off on any of it anyway?’

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A Senate Republican argued that Senate Democrats are demanding tens of millions of dollars in foreign aid for LGBT projects, pastry cooking classes, electric buses and more in exchange for reopening the government.

Senate Democrats, led by Senate Minority Leader Chuck Schumer, D-N.Y., have remained steadfast in their position that unless a deal is struck to extend expiring Obamacare tax credits, they will not provide the votes needed to reopen the government.

But Sen. John Kennedy, R-La., charged on the Senate floor on Friday that his colleagues’ demands go beyond their healthcare push, and is being driven by the ‘socialist wing’ of the Democratic Party, and more specifically, by Rep. Alexandria Ocasio-Cortez, D-N.Y.

‘I don’t think Senator Schumer was the person in charge, because Senator Schumer is not the leader of the Socialist wing of his party, Congresswoman Ocasio-Cortez is,’ Kennedy said. ‘She’s running the show.’

When reached for comment, Ocasio-Cortez’s office pointed Fox News Digital to an interview she did with NBC News on Republicans’ claims that she was driving Democrats’ position. 

Ocasio-Cortez called the claims that she was running the show ‘ridiculous,’ and charged that Republicans were the ones that had shut down the government. 

‘It is so important to understand that these people are all talk, they are all talk, they are negotiating with Chuck Schumer and Hakeem Jeffries and Democratic leadership, and Democrats are united to that end,’ she said. 

He argued that congressional Democrats, driven by the far-left, wanted to unlock funding that Republicans and the White House had canceled earlier this year in the $9 billion rescissions package. 

The lawmaker listed out nearly $20 million in foreign aid funding that he alleged Democrats had their eyes on, including, $4.2 million for lesbian, gay, bisexual, transgender, queer, and intersex people in the Western Balkans and Uganda, $3.6 million for pastry cooking classes and dance focus groups for male prostitutes in Haiti, $6 million dollars for media organizations for the Palestinians and $3 million for circumcisions and vasectomies in Zambia.

He also accused congressional Democrats of seeking hundreds of thousands for electric buses in Rwanda, transgender people in Nepal, a pride parade in Lesotho and for social media and mentorship in Serbia.

‘I could spend the rest of the afternoon here,’ Kennedy said. ‘We took all that out.’

Kennedy’s office did not provide details to Fox News Digital when asked specifically where the funding he referred to could be found. 

And Democrats’ goal in their counter-proposal to Republicans’ continuing resolution (CR) did not include a repeal of the rescissions’ package, which saw billions in foreign aid canceled earlier this year. 

Their plan demanded a permanent extension to the expiring healthcare premium subsidies, nearly $200 million for beefed up security for lawmakers, a repeal of the healthcare title in the ‘One Big Beautiful Bill Act,’ a clawback of canceled funding for NPR and PBS, and stiffer guardrails on President Donald Trump’s rescission powers.

However, their CR does not include a provision that would undo the broader rescissions package passed earlier this year that canceled billions in foreign aid funding.

And Senate Democrats have remained bullish in their demand that Senate Republicans must negotiate with them on a deal for the Affordable Care Act (ACA) subsidies to earn their votes to reopen the government.

‘We have asked Republican leaders for months to sit down and talk to us, talk with us. They’ve refused and barreled us into a shutdown,’ Schumer said. ‘They thought they could bludgeon us and threaten us and scare us. It ain’t working, because my caucus and Democrats are adamant that we must protect the healthcare of the American people.’

Fox News reached out for comment from Schumer’s office but did not hear back immediately.

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The Vatican’s top diplomat on Monday condemned both Hamas’ ‘inhuman and indefensible’ Oct. 7 attacks and Israel’s ‘ongoing massacre’ in Gaza, warning that even legitimate self-defense cannot justify the destruction of a ‘largely defenseless population.’

Cardinal Pietro Parolin, the Vatican’s secretary of state and one of Pope Leo XIV’s advisers, spoke in an interview marking the second anniversary of Hamas’ Oct. 7 attack on Israel — a raid that killed about 1,200 people and saw 251 people taken hostage.

Parolin said Israel’s military response has stretched far beyond the bounds of proportionality, turning Gaza’s crowded neighborhoods into ruins.

‘The war waged by the Israeli army to eliminate Hamas militants disregards the fact that it is targeting a largely defenseless population, already pushed to the brink, in an area where buildings and homes are reduced to rubble,’ he told Vatican media.

‘Those who are attacked have a right to defend themselves,’ he said, ‘but even legitimate defense must respect the principle of proportionality.’

Reuters reported that Hamas-run Gaza health authorities claim Israel’s campaign has resulted in over 67,000 deaths in Gaza, mostly civilians.

The remarks rank among the Church’s sharpest rebukes of the war. They also mark a shift toward a more forceful Vatican voice under Leo, who succeeded Pope Francis in May.

Parolin also faulted global powers for their paralysis.

‘It is… clear that the international community is, unfortunately, powerless and that the countries truly capable of exerting influence have so far failed to act to stop the ongoing massacre,’ he said.

‘I can only repeat the very clear words spoken by Pope Leo on July 20: ‘I renew my appeal to the international community to observe humanitarian law and to respect the obligation to protect civilians, as well as the prohibition of collective punishment, the indiscriminate use of force and the forced displacement of the population.’’

Parolin went further, questioning the morality of arms sales to parties in the conflict.

‘It’s not enough to say that what is happening is unacceptable and then continue to allow it to happen,’ he said.

‘We must seriously ask ourselves about the legitimacy… of continuing to supply weapons that are being used against civilians.’

In July, Pope Leo XIV expressed sadness and called for a ceasefire after Gaza’s only Catholic Church was hit in an apparent Israeli strike, leaving at least two dead and several injured. Israeli Prime Minister Benjamin Netanyahu later said ‘stray ammunition’ hit the church.

Parolin’s warning lands as European leaders face growing pressure to do more than issue statements of concern. His use of ‘massacre’ echoed humanitarian groups that say Gaza’s civilian infrastructure has collapsed.

At the same time, he reiterated the Church’s demand that Hamas free all remaining hostages.

‘Those attacks were inhuman and indefensible,’ he said, underscoring that neither side’s suffering diminishes the other’s.

Fox News Digital has reached out to the Vatican on the matter.

Reuters contributed to this report.

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President Donald Trump on Monday evening slammed Democratic lawmakers for shutting down the government amid one of ‘the most successful economies,’ calling on them to reopen the government tonight.

‘Democrats have SHUT DOWN the United States Government right in the midst of one of the most successful Economies, including a Record Stock Market, that our Country has ever had,’ Trump wrote on Truth Social. ‘This has sadly affected so many programs, services, and other elements of Society that Americans rely on — And it should not have happened.

‘I am happy to work with the Democrats on their Failed Healthcare Policies, or anything else, but first they must allow our Government to re-open,’ he added. ‘In fact, they should open our Government tonight!’

Trump made the post after Senate Democrats, again, blocked Republican efforts to reopen the government, ensuring the shutdown will last at least a week.

Senate Minority Leader Chuck Schumer, D-N.Y., and most Democrats say they won’t support funding the government unless Congress agrees to extend expiring ObamaCare subsidies.

Senate Majority Leader John Thune, R-S.D., needs at least eight Democrats to back the GOP bill, which would reopen the government through Nov. 21. So far, only Sens. John Fetterman, D-Pa., Catherine Cortez Masto, D-Nev., and Angus King, I-Maine, have broken ranks to end the shutdown, while Sen. Rand Paul, R-Ky., remains the only Republican holdout.

Democrats warn that without a deal to extend the subsidies expiring this year, millions could face soaring premiums. Both sides say they want an agreement but remain split over when to address the issue.

Schumer also wants assurance that Trump will sign any deal, pointing to expected resistance from House Republicans.

‘We need the president involved,’ Schumer said. ‘[House Speaker Mike] Johnson and a whole lot of his caucus don’t like the ACA, don’t want to do the extensions. A lot of Republican senators in the Senate do, but they’re not enough. Good is not enough. You need Johnson and you need Trump to get it done. So that’s the bottom line.’

Trump told reporters in the Oval Office, ‘we’re talking to Democrats.’ When asked if he’d work with them on a deal to reopen the government, he said, ‘Yeah.’

‘I’d like to see a deal made for great healthcare,’ Trump said. ‘I want to see great healthcare. I’m a Republican, but I want to see healthcare much more so than the Democrats.’

Schumer fired back, saying Trump’s ‘claim isn’t true — but if he’s finally ready to work with Democrats, we’ll be at the table.’

Fox News Digital’s Alex Miller contributed to this report.

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