Author

admin

Browsing

The big news impacting markets this week is the shutdown of the US government.

While lawmakers were trying to find a funding solution, Democratic and Republican lawmakers were at loggerheads over maintaining funding for Medicaid programs. It marks the first time in seven years that the government has been shut down — the last time came during negotiations over the disputed US-Mexico border wall in December 2018.

President Donald Trump has resolved to use the closure to push through the firing of thousands of federal government employees and cut funding to projects promised by Democrats.

Additionally, the jobs report, scheduled for release on Friday (October 3), was delayed, causing greater uncertainty for analysts and investors who were trying to gauge the strength of the economy in September.

Despite the lack of official government data, payroll processor ADP reported a loss of 32,000 jobs in September. The decline represents a significant difference from the 45,000 jobs analysts had expected to be added.

Lawmakers aren’t scheduled to return to the negotiating tables until early next week.

For more on what’s moving markets this week, check out our top market news round-up.

Markets and commodities react

Canadian equity markets were in positive territory this week by the end of trading Friday.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) continued its record breaking performance this week, gaining 2.33 percent on the week to close Friday at 30,471.68.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) performed even better, ending the week up 4.38 percent to 964.04. The CSE Composite Index (CSE:CSECOMP) was up 3.3 percent on to close out the week at 180.03.

The gold price continued to climb this week, setting another new record, as it achieved an intraday high of US$3,893.82 per ounce on Thursday (October 2). It was still up 3.63 percent on the week at US$3,884.19 by Friday’s close.

The silver price saw more significant gains, rising 6.31 percent to set a year-to-date high of US$48.30 per ounce during trading on Friday before settling at US$47.95 per ounce by 4:00 p.m. EDT.

The silver price is trading at 14 year highs and has been closing in on records set in April of that year.

Copper had sizable gains this week as the fallout from the closure of Freeport’s Grasberg mine continued to ripple through the market. The copper price was up 7.13 percent this week to US$5.11 per pound.

The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) fell 2.12 percent to end Friday at 546.27.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stocks data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. Prospector Metals (TSXV:PPP)

Weekly gain: 355.56 percent
Market cap: C$128.18 million
Share price: C$1.23

Prospector Metals is a gold explorer working to advance its flagship ML project in the Yukon, Canada.

The 10,869 hectare property, situated near Dawson City, is located within the Tintina Gold Belt, which is home to significant historic mining operations and current exploration and development projects.

Exploration at the site has led to the discovery of more than two dozen high-grade gold surface occurrences, including the Bueno target, which has delivered samples with grades of up to 156 grams per metric ton (g/t).

Shares of Prospector surged following the release of assay results on Wednesday (October 1). In its announcement, the company reported significant near-surface, high-grade assays, with one highlighted sample returning grades of 13.79 g/t gold over 44 meters, and another showing 21.93 g/t gold over 24.65 meters, including 288 g/t gold over 1 meter.

2. Sokoman Minerals (TSXV:SIC)

Weekly gain: 200 percent
Market cap: C$45.92 million
Share price: C$0.165

Sokoman Minerals bills itself as a discovery-oriented company with a portfolio of gold projects and one of the largest land positions in Newfoundland and Labrador, Canada. It also owns a 40 percent stake in the Killick lithium project, a 40/40/20 joint venture with Benton Resources (TSXV:BEX) and Piedmont Lithium (ASX:PLL).

Its primary focus is its flagship Moosehead gold project, located in Central Newfoundland. The project consists of 98 claims covering 2,450 hectares and hosts an orogenic Fosterville-style gold system, according to Sokoman. The company has defined seven zones with high-grade mineralization through over 130,000 meters of drilling.

Sokomon reported on September 12 that it planned to start diamond drilling at the site with a focus on testing the Eastern and Western Trend zones for depth extensions, as well as undiscovered parallel zones. Additionally, the company said on September 2 that it had expanded its land position at the Crippleback Lake gold-copper property to 13,000 hectares and planned to mobilize for induced-polarization surveys, sampling and mapping of the site.

The most recent news from the company came on Monday (September 29), when it announced that Denis Laviolette was appointed to the roles of director, executive chair and CEO. Laviolette joins the company with over two decades of experience in the mining industry, including roles in geology and production, and as an industry analyst.

The company also announced that Timothy Froude will be transitioning to the role of company president, having previously held both the president and CEO roles. Additionally, Gary Nassif, former senior vice president of Lode Gold Resources (TSXV:LOD,OTCQB:LODFF), was appointed as a director, and Greg Matheson, former COO of New Found Gold (TSXV:NFG,NYSEAMERICAN:NFGC), was named vice president of exploration.

3. Kesselrun Resources (TSXV:KES)

Weekly gain: 118.18 percent
Market cap: C$10.82 million
Share price: C$0.12

Kesselrun Resources is an explorer working to advance the Huronian gold project in Ontario, Canada.

The project is located in a region with significant exploration and mining assets, including Agnico Eagle Mines’ (TSX:AEM,NYSE:AEM) Hammond Reef project and New Gold’s (NYSE:NGD,TSX:NGD) Rainy River mine. Historic indicated resources at Huronian are 45,000 ounces of gold, with inferred quantities of 501,000 ounces or gold.

Shares of Kesselrun surged this week after Gold X2 Mining (TSXV:AUXX,OTCQB:GSHRF) announced on Wednesday that it had signed a definitive agreement to acquire Kesselrun. Gold X2 said the transaction will give it a 100 percent interest in the Huronian project, which is located adjacent to its own Moss gold project.

4. Royal Road Minerals (TSXV:RYR)

Weekly gain: 104.35 percent
Market cap: C$55.80 million
Share price: C$0.235

Royal Road is an exploration company working to advance its Güintar and Margaritas projects and the El Aleman mining concession in Colombia. The company acquired the adjacent Güintar and Margaritas properties, located near Medellin, from major miner AngloGold Ashanti (NYSE:AU,JSE:ANG) in 2019. Since that time, Royal Road has drilled a total of 13,700 meters across 45 drill holes at Güintar, while Margaritas remains untested.

Assays have produced a highlighted intersection of 1 g/t gold equivalent over 303.7 meters, which includes 2.1 g/t gold, 12.4 parts per million silver and 0.6 percent copper over 62 meters.

Shares of Royal Road gained this week alongside a pair of news releases. On Monday, the company announced that Rio2 (TSXV:RIO,OTCQX:RIOFF) has acquired approximately 15 percent of Royal Road’s issued and outstanding shares as part of a block trade; they were previously held by a single investor.

The other release came on Tuesday (September 30), when Royal Road reported that it has engaged with state and local authorities, as well as the local community, to restart work at Güintar and Margaritas.

5. StrikePoint Gold (TSXV:SKP)

Weekly gain: 103.85 percent
Market cap: C$12.06 million
Share price: C$0.265

StrikePoint Gold is an explorer with a focus on its Hercules gold project in Nevada, US.

The 100 square kilometer site, located within the Walker Lane Trend, hosts five drill-tested targets, with over 300 holes. The company acquired the property in August 2024 from Elevation Gold Mining for a total consideration of C$250,000, along with a 3 percent royalty on certain claims. On April 28, the company released results from its spring drilling program, with one highlighted assay returning values of 0.54 g/t gold and 4.62 g/t silver from 32.04 meters below surface; that includes an interval of 1.14 g/t gold and 10.53 g/t silver over 4.57 meters.

The most recent news from the project was announced on September 23, when StrikePoint said it had received drill permits for the Pony Meadows target. The company noted that it is permitted to mobilize up to three rigs, and will focus on a 2.6 kilometer structure that was revealed during surface exploration.

StrikePoint said it has two additional permits for the Sirens and Como Comet targets.

FAQs for Canadian mining stocks

What is the difference between the TSX and TSXV?

The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.

How many mining companies are listed on the TSX and TSXV?

As of May 2025, there were 1,565 companies listed on the TSXV, 910 of which were mining companies. Comparatively, the TSX was home to 1,899 companies, with 181 of those being mining companies.

Together, the TSX and TSXV host around 40 percent of the world’s public mining companies.

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Article by Dean Belder; FAQs by Lauren Kelly.

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

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

This post appeared first on investingnews.com

The gold price continued to move this week, approaching the US$3,900 per ounce level and setting a fresh all-time high on the back of a US government shutdown.

The closure came after Congress failed to reach an agreement on a spending bill ahead of the new American fiscal year, which began on Wednesday (October 1).

Democrats and Republicans are at odds as Democrats push for changes to the bill, including an extension to billions of dollars in Obamacare subsidies; meanwhile, President Donald Trump has threatened thousands of permanent layoffs, not just temporary furloughs.

This shutdown is the 15th since 1981, and according to Senate Majority Leader John Thune, it could continue on until next week as the two sides negotiate. The longest government shutdown happened between 2018 and 2019, during Trump’s first presidency, and lasted for 35 days.

Part of the reason market watchers see this shutdown as significant is that it will delay the release of the latest nonfarm payrolls report, which was set to come out on Friday (October 3).

Depending on how long the shutdown lasts, September consumer price index data, which is scheduled for publication on October 15, may also not be on time.

The US Federal Reserve is due to meet later this month, from October 28 to 29, and normally would use this and other data to help make its decision on interest rates. The central bank cut rates by 25 basis points at its September meeting, and CME Group’s (NASDAQ:CME) FedWatch tool currently shows strong expectations for another 25 basis point reduction at the next gathering.

Although gold took a breather after nearing US$3,900, it remains historically high, with many market watchers suggesting US$4,000 is in the cards in the near term.

In the longer term, some experts have even loftier expectations — for example, Adam Rozencwajg of Goehring & Rozenwajg sees a path to a five-figure gold price.

‘It’s not going to happen under normal circumstances — it’s not going to happen when everything’s going great. But by the end of this cycle, will we get there? I think we probably will,’ he said.

It’s also worth touching on silver, which pushed past the US$48 per ounce mark this week. Unlike gold, silver has not yet broken its all-time high during this bull run — it’s pushing up against uncharted territory, raising questions about how high it can go this time.

On that note, David Morgan of the Morgan Report shared several factors that would tell him the market is reaching a top. Here’s what he said:

‘You want to look at exchange-traded fund flows like the GDX, GDXJ, SIL and SILJ. At the same time, more important than almost anything is trading volume at the stock level. When mid-tier and smaller producers suddenly trade three, four or five times their normal daily volume, and prices are rising, that isn’t random. That’s retail money coming back into the market, and fund buying and probably institutions.

‘One more layer of confirmation is relative to performance. When the mining sector starts to outperform the S&P 500 (INDEXSP:.INX), which it has, and the Nasdaq (INDEXNASDAQ:.IXIC), which it has, it’s a telltale sign that the generalist money, not just the hard money crowd, is beginning to rotate in.’

Bullet briefing — CEO shakeup at Barrick, Newmont

Barrick Mining (TSX:ABX,NYSE:B) and Newmont (NYSE:NEM,ASX:NEM) both announced major executive changes this week, with the CEOs of both companies departing.

Barrick’s Mark Bristow unexpectedly stepped down from his position on Monday (September 29) after nearly seven years at the helm of the firn. His exit, which was effective immediately, comes after big changes at the firm, including a shift toward copper and an asset divestment program designed to hone the company’s focus on tier-one assets.

It also follows persistent issues in Mali, where Barrick lost control of its gold-mining complex and had 3 metric tons of the yellow metal seized by the government.

According to Reuters, Bristow’s handling of that ongoing situation was the final straw that prompted the company’s board to push for a change in leadership.

Newmont announced the retirement of Tom Palmer the same day. He had held the position since 2019, and will be succeeded by the company’s president and COO. Analysts note that Newmont had been signaling that a succession plan was in the works.

Similar to Barrick, the company has been in the midst of an extensive program geared at streamlining its portfolio. Newmont acquired Newcrest Mining in 2023, and in February 2024 announced a program to sell non-core assets. It completed the program in April of this year, but has continued to make portfolio adjustments, and to pursue other cost-saving measures.

Market watchers note that despite efforts to boost efficiency, Barrick and Newmont have both failed to match the performance of their peers during today’s bull market.

Year-on-year share price performance of major gold miners.

Chart via Google Finance.

With gold-mining companies conscious of not repeating missteps made during the precious metal’s last runup, investors will no doubt be keen to see how they perform under new management.

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

This post appeared first on investingnews.com

The federal government may have to lay off ‘thousands’ of employees if the government shutdown continues, White House press secretary Karoline Leavitt warned Thursday.

Leavitt made the comments during a gaggle with reporters outside the White House, saying administration officials are already gaming out the layoffs.

‘Look, it’s likely going to be in the thousands. It’s a very good question. And that’s something that the Office of Management and Budget and the entire team at the White House here, again, is unfortunately having to work on today,’ Leavitt said.

‘These discussions and these conversations, these meetings would not be happening if the Democrats had voted to keep the government open,’ she added.

Leavitt went on to accuse Democrats of playing politics with the shutdown, arguing there is ‘zero good reason’ for Democrats to obstruct the process.

‘They are doing it for political reasons. They are doing it because they want to give taxpayer-funded health care benefits to illegal aliens, which is something that American people resoundingly rejected ahead of the election last year,’ she said.

President Donald Trump announced earlier Thursday that he is set to meet with Office of Management and Budget (OMB) Director Russell Vought later Thursday to discuss which agencies ‘are a political SCAM.’

Vought is tasked with recommending which agencies should face cuts and whether those cuts should be temporary or permanent.

‘I can’t believe the Radical Left Democrats gave me this unprecedented opportunity,’ Trump wrote on social media. ‘They are not stupid people, so maybe this is their way of wanting to, quietly and quickly, MAKE AMERICA GREAT AGAIN!’

The federal government entered a partial shutdown Wednesday after the midnight funding deadline passed, with Democrats and Republicans failing to agree on a funding bill.

Vice President JD Vance on Wednesday accused Democrats of forcing the shutdown over providing illegal immigrants with taxpayer-funded emergency healthcare and Senate Minority Leader Chuck Schumer, D-N.Y., fearing a primary challenge from progressive ‘Squad’ member Rep. Alexandria Ocasio-Cortez, D-N.Y.

Fox News’ Stephen Sorace contributed to this report

This post appeared first on FOX NEWS

House Speaker Mike Johnson, R-La., made clear on Thursday that House Republicans will not budge amid the ongoing standoff over government funding, as Democrats continue to insist on healthcare concessions.

‘Don’t ask the Republicans what we should be doing or what we should be negotiating. I don’t have anything to negotiate. I sent them, in good faith, exactly what they voted for before,’ Johnson told reporters during a press conference.

‘We did not put any Republican provisions in that, and we tried to make this very simple, in good faith, so the appropriations process of the people can continue.’

The government shutdown has entered into a second day as Democrats and Republicans remain at odds over how to proceed with federal funding past the end of fiscal year (FY) 2025, which concluded Sept. 30.

The House passed a measure to keep the current federal spending levels roughly flat through Nov. 21 to give Congress more time to reach a longer-term deal for FY 2026. That bill, called a continuing resolution (CR), advanced mostly along party lines.

But in the Senate, where at least several Democrats are needed to reach the 60-vote threshold to overcome a filibuster, progress has stalled. 

Democrats there have rejected the GOP plan three times, most recently on Wednesday afternoon.

House and Senate Democrats have insisted they will not vote for any funding deal that does not also extend enhanced subsidies in Obamacare, formally called the Affordable Care Act, which were hiked during the COVID-19 pandemic.

Those enhanced subsidies are set to expire at the end of this year without congressional action.

‘People say, ‘Why aren’t you negotiating with [Senate Minority Leader Chuck Schumer, D-N.Y., and House Minority Leader Hakeem Jeffries, D-N.Y.]?’ Because I quite literally have nothing to negotiate. There’s nothing I can pull out of the bill that was a Republican priority to say, ‘Oh, we won’t do that. Why don’t you guys vote for it now?’ I don’t have anything,’ Johnson said.

‘I didn’t put anything in it to send it over. I’m stunned. I’m stunned that they have decided to shut the government down and hurt people. It is on them 100%.’

This post appeared first on FOX NEWS

A new report warns the U.S. nuclear arsenal is dangerously outdated and too small to confront growing global threats — and recommends nearly tripling the number of deployed American warheads by 2050.

The report, first obtained by Fox News Digital, argues that America’s current force of about 1,750 deployed nuclear weapons leaves the nation vulnerable in an era when Moscow, Beijing, and Pyongyang are all expanding their arsenals at breakneck speed.

China alone is building 100 new nuclear weapons a year, according to the Pentagon, and is on track to reach strategic parity with the U.S. by the mid-2030s.

‘The newest warhead that we have was built in 1989,’ Robert Peters, author of the Heritage report, told Fox News Digital.

‘The force size that we have now … That was a force design that came up when President Obama was in office in 2010, and the assumptions were in 2010 that there would be no more real competition between the United States and Russia, and China was not even a real player on the nuclear field.’

The report, authored by Robert Peters of Heritage’s Allison Center for National Security, proposes that Washington expand its force to roughly 4,625 operationally deployed nuclear weapons by 2050.

That number would include about 3,500 strategic warheads — carried by intercontinental ballistic missiles (ICBMs), ballistic missile submarines, and bombers — and about 1,125 non-strategic weapons, such as gravity bombs and theater-range missiles.

It comes amid warnings that Moscow maintains thousands of non-strategic nuclear weapons in Europe, outnumbering U.S. stocks by as much as ten to one, while China races to deploy stealth bombers, submarine-based missiles and even orbital strike systems. North Korea already possesses about 90 warheads and continues testing missiles that can reach the U.S. homeland.

‘We’ve got an arsenal today that is decades beyond its planned life cycle, and a force construct that was designed for a very benign world.’

Peters’ proposal envisions a modernized force including new Sentinel ICBMs, Columbia-class ballistic missile submarines, nuclear-capable B-21 stealth bombers, long-range cruise missiles and theater-range hypersonic weapons. The plan would still keep U.S. forces below Cold War levels but significantly above today’s posture.

It lays out a plan for regional nuclear allocations in each theater, with the largest number of assets, 3,200 warheads, being placed under Northern Command and focused on homeland defense. Some 750 warheads would be placed in Europe and 675 in the Indo-Pacific region.

It calls for Sentinel ICBMs to replace Minuteman III and B-21 and B-52 jets with new long-range standoff cruise missiles.

During the Cold War, the U.S. fielded tens of thousands of warheads, deployed in Europe, Asia and at home. The new 2050 arsenal would still be far smaller than Cold War levels.

‘A U.S. President with some regional nuclear options but only token damage-limiting capacity would quickly be confronted during a limited nuclear conflict with two unpalatable options: surrender or threaten widespread attacks on the adversary homeland, thus inviting an in-kind response, meaning suicide,’ the report warns.

Skeptics often ask why nations need thousands of nuclear weapons when a single warhead can level a city. Peters argues that this is a misconception rooted in Cold War imagery of mushroom clouds over Manhattan.

In reality, most modern nuclear warheads are not designed for ‘city busting’ but for striking enemy nuclear forces — silos, missile fields, and command-and-control centers. China, for example, is building up to 500 hardened ICBM silos in remote deserts. Military planners assume it could take at least two U.S. warheads to guarantee destruction of each site.

As Peters puts it, ‘the goal is never to get to this point. That’s why you have nuclear weapons, to make sure you never get to this point.’

It’s unclear whether the current political leadership would heed Peters’ recommendations. President Donald Trump has proposed ‘denuclearization’ talks with U.S. adversaries.

‘Trump very understandably doesn’t like nuclear weapons,’ Peters said.

But, he added, ‘we tried [denuclearizing] under President Obama in 2009 and 2012 and no one followed.’

‘Tremendous amounts of money are being spent on nuclear, and the destructive capacity is something we don’t even want to talk about today, because you don’t want to hear it,’ Trump mused in remarks to the World Economic Forum at Davos, Switzerland, in February.

‘I want to see if we can denuclearize, and I think it’s very possible,’ suggesting talks on the issue between the U.S., Russia and China.

President Vladimir Putin announced Russia would suspend its participation in the New START treaty in 2023 over U.S. support for Ukraine. Russia had frequently been caught violating the terms of the deal. But China has never engaged in negotiations with the U.S. over arms reduction.

North Korea has rejected any suggestion of denuclearizing from the U.S.

Read the report below. App users: Click here

In September, Russia proposed a one-year extension of the New START treaty, which technically expires in 2026, but the White House has yet to respond to that proposal.

Expanding the arsenal won’t be cheap. But at around $56 billion, the U.S. only spends around seven percent of the defense budget on nuclear weapons, Peters argues.

The report also calls for nuclear capabilities to be deployed forward to Finland and Poland, a proposal that is certain to rattle the Kremlin and would cut strike times down from hours to minutes.

Nuclear weapons are currently hosted in Italy, Germany and the Netherlands — bases chosen in the Cold War when they sat just 150 miles from the Soviet front line. But Russia’s front line has now moved 800 miles east.

He made a similar call for nuclear capabilities to be placed in South Korea. Washington periodically deploys U.S. nuclear-armed submarines to South Korea and involves Seoul in its nuclear planning operations in exchange for an agreement from Seoul not to develop its own nuclear weapons.

This post appeared first on FOX NEWS

House Speaker Mike Johnson, R-La., is warning that everyday Americans could be at risk in a prolonged government shutdown.

The top House Republican sat down for an exclusive interview with Fox News Digital on Wednesday, the first day of the ongoing government shutdown.

Asked how long he thought it would continue, Johnson said he was praying for a short ordeal.

‘My expectation is that I don’t know how it could go longer than a week or so, because so many people have been so adversely affected by this,’ Johnson said.

He pointed to two programs that he was concerned about in particular: The Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) and the Federal Emergency Management Agency (FEMA).

‘[Democrats are] talking about healthcare. Not only did their counter-proposal say they wanted to cut the rural hospital fund and do all these other things, but what’s happening right now in the shutdown is that the WIC program is now unfunded — women, infants and children nutrition. That’s not a small thing,’ Johnson said.

WIC provides free nutrition support to low-income pregnant women, new mothers, infants and children under age 5.

On a call with House Republicans held Wednesday, Office of Management and Budget (OMB) Director Russ Vought warned that WIC could run out of funding within days without a federal funding deal, Fox News Digital was previously told.

FEMA, however, is expected to continue operations through a government shutdown, as it has in the past. But its funding source, the Disaster Relief Fund, relies on a budget that’s allocated by Congress on an annual basis.

A failure to replenish the Disaster Relief Fund could make it more difficult for FEMA to respond in the event of a natural disaster.

The National Flood Insurance Program (NFIP) is also in danger of lapsing, which could leave millions of Americans without financial help if a hurricane or other disaster hits, Johnson pointed out.

‘You have FEMA — I mean, I’m from a hurricane state. We’re in the middle of hurricane season. I’ve got two of them off the coast of the U.S. right now,’ Johnson, whose district is anchored in Shreveport, La., said.

‘If your flood insurance lapses right now, they’re shut down. Or if you go buy a new house, and you have to have flood insurance, none of that can be processed right now because they just shut the government down. I mean, this is real.’

He also expressed concern for the military members in his district who will have to work without getting paid until the shutdown is over.

‘The troops are working without pay … I have a big veterans community and active duty service member community because I have two major military installations in my district, Louisiana’s 4th Congressional [District],’ Johnson said. 

‘I think a lot about these young airmen and soldiers who are deployed right now for their country, and they left behind young wives who are pregnant and have small children. They’re not going to get a paycheck until [Senate Minority Leader Chuck Schumer, D-N.Y.] comes to his senses.’

The House passed a measure to keep the current federal spending levels roughly flat through Nov. 21 to give Congress more time to reach a longer-term deal for fiscal year (FY) 2026. That bill, called a continuing resolution (CR), advanced mostly along party lines.

But in the Senate, where at least several Democrats are needed to reach the 60-vote threshold to overcome a filibuster, progress has stalled. 

Senate Democrats are demanding concessions on healthcare, including an extension of COVID-19 pandemic-era Obamacare subsidies that are set to expire at the end of this year.

But Republicans have contended that their plan should remain free of any partisan policy riders.

The Senate is likely to hold another vote on the measure, its fourth in total, on Friday.

This post appeared first on FOX NEWS

Office of Management and Budget (OMB) chief Russell Vought and President Donald Trump are in the midst of mapping out cuts to the federal government after lawmakers on Capitol Hill failed to reach a funding bill agreement early Wednesday morning. 

Trump set the stage in the lead-up to the shutdown that the federal government is set to likely see staffing and program cuts under the shutdown, adding in a Thursday message to Truth Social that many federal agencies are a ‘political SCAM.’ 

‘I have a meeting today with Russ Vought, he of PROJECT 2025 Fame, to determine which of the many Democrat Agencies, most of which are a political SCAM, he recommends to be cut, and whether or not those cuts will be temporary or permanent,’ Trump posted. 

‘I can’t believe the Radical Left Democrats gave me this unprecedented opportunity. They are not stupid people, so maybe this is their way of wanting to, quietly and quickly, MAKE AMERICA GREAT AGAIN!’ he added. 

Fox News Digital spoke with Heritage Foundation’s director of the Grover M. Hermann Center for the Federal Budget, Richard Stern, Thursday morning to discuss which agencies the OMB chief would likely target for staffing cuts and if such cuts would be permanent. 

How a shutdown enables cuts 

Stern explained to Fox Digital that there are a pair of overlapping issues that lead to the government’s staffing size: agencies are required by various laws to provide certain services to citizens. And, separately, appropriation bills set funding floors on how much money an agency has available to spend on staff payroll. 

During a shutdown, however, there is a lapse in funding, meaning agencies do not have ‘payroll floors from the funding bill,’ leaving the executive branch with discretion on how to continue providing required services to citizens, he explained.  

‘Because the funding bills set effective floors per salary spending, that tends to dictate how many people work for the agencies. In the event of a shutdown, the only requirement on the administration is to ensure that the agencies provide the services and whatnot that are required by law. But those laws don’t say you need, you know, 100 staffers to write a grant or only one staffer,’ Stern told Fox Digital in a phone interview. 

‘They simply say, you know, ‘There’s a grant program that has to go out the door under XYZ parameters.’ So in the event of a lapse in funding, it means that the administration … can lay out a plan saying, ‘Hey, look, you know, we think the Department of Education, for example, could do everything it is legally required to do, but do it with 10% of the workforce,’’ he continued. 

If the administration determines that an agency can fulfill its legally required services to citizens with fewer people, it will subsequently send reduction in force notices, known as RIFs, to staffers. 

‘If the funding was there, and if the funding law required those staff levels, then you wouldn’t be able to RIF,’ he said. ‘But in the lapse of funding, it gives the White House that opportunity.’ 

Permanent changes to the government are in a gray zone, however, as RIFs would not be able to take effect until after 60 days. 

‘Once the RIF notices go out, you … legally need to wait 60 days before the RIF notices can be enacted,’ Stern continued. ‘Really the shutdown would have to last 60 days, beyond that, to actually act on the RIFs.’ 

The Heritage Foundation expert, who also serves as the conservative think tank’s acting director of the Thomas A. Roe Institute for Economic Policy Studies, stressed that any staffing cuts are not an example of government ‘downsizing.’ 

‘It’s not downsizing the activities of agencies,’ he said. ‘It’s not reducing what they make available, what services they provide. It’s simply reducing the workforce that’s providing the same level and the same amount of services.’ 

What agencies could be targeted for cuts? 

White House press secretary Karoline Leavitt told a gaggle of reporters Thursday that ‘thousands’ of federal employees could be laid off during the shutdown. 

‘Look, it’s likely going to be in the thousands. It’s a very good question. And that’s something that the Office of Management and Budget and the entire team at the White House here, again, is unfortunately having to work on today,’ Leavitt said.

Stern pointed to a handful of agencies that will likely be targeted for layoffs, citing agencies that have ‘mission creeped’ their original purview into regulatory issues, such as the Environmental Protection Agency, as well as other agencies, like the National Science Foundation, that handle grant writing for programs. 

‘Probably the Department of Ed is, is kind of the poster child on this one,’ he said. ‘They’ve been talking about, they quite literally only need 10% or so on the staff.’ 

He also noted the EPA, Department of the Interior and the Department of Labor could face cuts due to the various agencies’ ‘mission creep into a lot of regulations that are quite harmful to the economy, that are quite harmful to just American families.’

‘EPA over … a decade or so, has mission creeped its jurisdiction into more and more regulatory affairs, that just simply, the EPA doesn’t have under a statutory capacity,’ he said. ‘They’re regulating outside of the confines, the charge they were given by law, by Congress. So EPA is another one of those where that makes a lot of sense to cut a lot of the workforce there. Then, at HUD and Department of Labor you have similar things.’ 

Stern said the administration likely is also eyeing agencies such as the National Science Foundation, National Endowment for the Arts and Humanities, and certain aspects of the Department of Housing and Urban Development that are charged with ‘running programs that write grants where there’s an enormous amount of legal discretion on who gets the grant money.’

‘These grants are not serving some critical, or frankly, constitutional role,’ he said, adding the grants often land in the hands of universities and promote ‘left-wing’ ideology on topics, such as transgenderism and climate change. 

What has Trump said on federal cuts?

Trump said during various public remarks Tuesday, as the deadline clock began to run dry, the shutdown presented him with the opportunity for the administration to carry out layoffs as part of a continued mission to slim down the federal government, and snuff out overspending and fraud. Trump, however, repeatedly has stressed he does not support the shutdown, pinning blame on Democrats. 

‘We don’t want it to shut down because we have the greatest period of time ever,’ Trump said from the Oval Office Tuesday. ‘I tell you, we have $17 trillion being invested. So the last person that wants it shut down is us.’

‘Now, with that being said, we can do things during the shutdown that are irreversible, that are bad for them and irreversible by them, like cutting vast numbers of people out, cutting things that they like, cutting programs that they like,’ he continued. 

Republicans have pinned the shutdown blame on Democrats, arguing they refused to fund the budget as an attempt to reinstate taxpayer-funded medical benefits for illegal immigrants. Democrats have countered that claim as a ‘lie’ and cast blame for the shutdown on Republicans. 

‘A lot of good can come down from shutdowns,’ Trump added Tuesday. ‘We can get rid of a lot of things that we didn’t want, and they’d be Democrat things. But they want open borders. They want men playing in women’s sports. They want transgender for everybody. They never stop. They don’t learn. We won an election in a landslide.’ 

Trump’s second administration has spotlighted the size of the federal government as bloated since inauguration day, including the president launching the Department of Government Efficiency to weed out potential fraud, overspending and corruption, and offering federal employees voluntary buyouts in January to leave their posts before rolling out other RIF initiatives across various agencies. 

Fox News Digital reached out to OMB’s office for comment on the anticipated cuts but did not immediately receive a reply. 

Fox News Digital’s Elizabeth Elkind and Anders Hagstrom contributed to this report.

This post appeared first on FOX NEWS

Former FBI Director James Comey, who was indicted Friday on two federal charges alleging that he issued a false statement to Congress and obstructed justice, previously has called for those who lie under oath to face consequences. 

For example, Comey once railed against lifestyle icon Martha Stewart, who was convicted of misleading federal investigators, and said her case served as an example to deter others from lying to officials. 

‘The Stewart experience ­reminded me that the justice system is an honor system,’ Comey wrote in his book, ‘A Higher Loyalty,’ released in 2018. ‘We really can’t always tell when people are lying or hiding documents, so when we are able to prove it, we simply must do so as a message to everyone. People must fear the consequences of lying in the justice system or the system can’t work.’ 

‘There once was a time when most people worried about going to hell if they violated an oath taken in the name of God,’ Comey wrote. ‘That divine deterrence has slipped away from our modern cultures. In its place, people must fear going to jail…To protect the institution of justice, and reinforce a culture of truth-telling, she had to be prosecuted.’ 

Comey served as the lead prosecutor who indicted Stewart on charges of obstruction of justice and lying to the FBI in 2003, which stemmed from the FBI’s insider trading investigation into Stewart’s friend’s company, ImClone.

Stewart ultimately was convicted on four counts of obstructing justice and lying to investigators. She was sentenced to five months in prison. 

Comey’s statement in his book aligns with those he made at the time. After the charges were filed against Stewart in 2003, Comey said Stewart’s ‘case is about lying — lying to the FBI, lying to the SEC and investors.’

‘That is conduct that will not be tolerated. Martha Stewart is being prosecuted not because of who she is, but what she did,’ Comey said at a news conference in 2003. 

Stewart took a swipe at Comey in her Netflix documentary called ‘Martha,’ which was released October 2024. 

‘It was so horrifying to me that I had to go through that to be a trophy for these idiots in the U.S. Attorney’s office,’ Stewart said. 

Fox News Digital reached out to Comey for comment and has yet to receive a reply. 

Trump–Comey vendetta back in the spotlight 

Meanwhile, Comey’s feud with President Donald Trump is also back in the spotlight following Comey’s indictment. 

The two men have gone head-to-head against each other for years, dating back to Trump’s first administration amid the FBI’s investigation into whether Russia interfered in the 2016 election, and they have continued to trade barbs during Trump’s second term. 

While Trump has lobbed out terms like ‘sick person’ and ‘untruthful slime ball,’ Comey also has hurled criticism against the president and said he’s not fit for office. 

For example, Comey described Trump as someone who ‘lies constantly about matters big and small and insists the American people believe it,’ and questioned whether Trump embodied U.S. values during an interview in April 2018 with ABC News ahead of the release of his book, ‘A Higher Loyalty.’ 

‘I don’t think he’s medically unfit to be president — I think he’s morally unfit to be president … that’s not a policy statement,’ Comey told ABC News. ‘Again, I don’t care what your views are on guns, or immigration, or taxes. There is something more important than that, that should unite all of us, and that is our president must embody respect and adhere to the values that are at the core of this country, the most important being truth. This president is not able to do that.’ 

That same month Comey attracted the ire of Trump, who accused Comey of being a ‘terrible’ FBI director and that it was his ‘great honor’ to fire Comey. 

‘James Comey is a proven LEAKER & LIAR. Virtually everyone in Washington thought he should be fired for the terrible job he did-until he was, in fact, fired. He leaked CLASSIFIED information, for which he should be prosecuted. He lied to Congress under OATH,’ Trump said in a social media post in April 2018. 

‘He is a weak and untruthful slime ball who was, as time has proven, a terrible Director of the FBI…It was my great honor to fire James Comey!’ Trump said. 

Trump fired Comey in May 2017, just after Comey revealed in March 2017 before the House Intelligence Committee that the FBI had launched a criminal investigation into whether the Trump campaign coordinated with Russia during the 2016 election. 

At the time, Trump said that he had ousted Comey due to his handling of an investigation into former Secretary of State Hillary Clinton’s use of a private email server.

Comey, who previously identified as a Republican, went on to endorse former President Joe Biden in the 2020 election. He also called for ‘everyone who cares about the rule of law and America’s indispensable role in the world’ to get behind former Vice President Kamala Harris as the Democratic nominee during the 2024 election when she went up against Trump. 

‘Kamala Harris made me feel like it’s finally morning in America,’ Comey wrote in a post on X in August 2024. 

More recently, Comey and Trump sparred after the former FBI director posted a photo on Instagram in May depicting shells arranged on a beach to spell out ’86 47.’ The term ’86’ can mean getting rid of something or someone, and Trump is the 47th president. 

Following backlash from Trump allies who interpreted Comey’s post as a threat to remove Trump, Comey said that the thought hadn’t crossed his mind and he opposed ‘violence of any kind.’ 

Still, Trump didn’t buy Comey’s explanation. 

‘He knew exactly what that meant,’ Trump told Fox News. ‘A child knows what that meant. If you’re the FBI director and you don’t know what that meant, that meant assassination.’ 

Following Comey’s indictment, Trump said in a social media post Friday that Comey is ‘one of the worst human beings this country has ever been exposed to,’ and labeled the former FBI director a ‘DIRTY COP.’ 

The charges against Comey are tied to his testimony before the Senate Judiciary Committee in September 2020 regarding the FBI’s investigation into Russia’s interference in the 2016 election. Meanwhile, Comey has denied the allegations leveled in the charges against him, and said that he is ‘not afraid.’ 

‘My family and I have known for years that there are costs to standing up to Donald Trump, but we couldn’t imagine ourselves living any other way,’ Comey said in an Instagram video. ‘We will not live on our knees, and you shouldn’t either. Somebody that I love dearly recently said that fear is the tool of a tyrant, and she’s right.’

Fox News’ Audrey Conklin contributed to this report. 

This post appeared first on FOX NEWS

A conservative watchdog says Trump’s much-hyped DOGE cuts are a drop in the bucket compared to America’s ballooning entitlement spending.

OpenTheBooks, a conservative fiscal watchdog group, released a report on Thursday showing that mandatory spending for Medicare and Social Security vastly outweigh any cuts to discretionary spending ushered in by the Trump administration.

The report was released as lawmakers clash over government funding, with the fight centered on Democratic plans to expand Obamacare.

‘Government shutdowns offer taxpayers a much-needed reality check on the massive scale of federal spending and our unsustainable debt and deficits,’ OpenTheBooks CEO John Hart said in a statement to Fox News Digital. ‘Policymakers need to wake up and take a much closer look at safety net spending, which is the largest share of our budget and is highly susceptible to fraud.’

 

Of the $6.9 trillion spent by the federal government in 2024, $912 billion went to Medicare, and $1.5 trillion went to Social Security, according to OpenTheBooks. 

Meanwhile, OpenTheBooks highlights the rescission package passed by Congress in July, which largely focused on cuts to the United States Agency for International Development, saved around $9 billion and DOGE cuts saved taxpayers around $150 billion. 

‘The amounts of disputed savings in 2025 pale in comparison to our spending on safety net programs,’ the OpenTheBooks report states. ‘If the flow of money in the federal government could be viewed from a jet cruising at 30,000 feet, Medicare would be the Mississippi River and Social Security would be the Columbia River while USAID and ‘woke’ spending programs would be barely visible, tiny streams.’

In particular, OpenTheBooks zeroed in on just one aspect of Medicare funds — those that are allocated for prescription drug coverage. The fiscal watchdog found that the top 1,000 providers in the system are linked to more spending in 2024 — $10.9 billion — than was saved by the July rescission package. According to OpenTheBooks’ findings, the top ten providers are associated with nearly the same amount of savings ushered in by the Trump administration’s $1.1 billion in cuts to PBS and NPR.   

‘We are not implying that any of these providers are engaging in anything other than lawful conduct on behalf of Medicare beneficiaries,’ the report asserts. ‘Yet, it is also true that healthcare spending in the United States is grossly inefficient and fraudulent at a large scale. In June, the Department of Justice charged 324 defendants for defrauding Medicare of $14.6 billion. Meanwhile, last year, the Wall Street Journal reported that insurers ‘pocketed $50 billion from Medicare for diseases no doctor treated.’’

OpenTheBooks’ report argues that if American taxpayers want to understand the costs, benefits, vulnerabilities and potential savings, related to federal government spending, then they must fight for transparency.

‘When taxpayers see where their money is flowing, especially in times of heated debates and shutdowns, they can hold policymakers accountable to better direct its flow,’ the report concludes. 

This post appeared first on FOX NEWS

A federal judge appointed by Ronald Reagan has made headlines this year for penning some of the most blistering opinions against President Donald Trump’s executive orders — including in one case where he was criticized by two Supreme Court justices for failing to adhere to the high court’s emergency guidance. 

U.S. District Judge William Young, a Reagan appointee, has spent nearly four decades on the federal bench. He most recently authored a scathing, 161-page opinion on Tuesday in a case involving Trump’s attempts to deport and crack down on pro-Palestinian protesters and activists on college campuses.

Young said the Trump administration’s actions were illegal and an unconstitutional violation of free speech protections under the First Amendment. He also used the decision to criticize, at some length, Trump’s broader conduct, which he described as ‘bullying.’

Trump, Young argued, is a president who fundamentally misunderstands the country he was elected to serve. Young described Trump as focused largely on ‘hollow bragging’ and on ‘retribution’ at all costs.

‘Yet government retribution for speech (precisely what has happened here) is directly forbidden by the First Amendment,’ Young quipped.

It’s not the first time Young has raised eyebrows for his public dressing-down of the commander in chief. 

Young in June ruled that the Trump administration acted illegally when it slashed funding for research grants at the National Institutes of Health, siding with the grant recipients and ordering the funding be restored. He also used the opinion to describe the cuts as ‘appalling’ evidence of what he said was ‘racial discrimination’ and ‘discrimination against the LGBTQ community.’

‘That’s what this is,’ Young said at the time, adding that, in his decades on the federal bench, he had ‘never seen government racial discrimination like this.’

‘I would be blind not to call it out,’ he said, adding later, ‘Have we no shame?’

The Trump administration appealed Young’s injunction to the First Circuit Court of Appeals, which declined to stay the ruling while the case continued to play out.

However, the Supreme Court voted 5-4 in August to lift the injunction — and two justices took that opportunity to chastise Young, at least to some degree, for the manner in which he went about issuing the opinion.

Justices Neil Gorsuch and Brett Kavanaugh chastised Young for failing to adhere to an emergency ruling the court granted in April, which allowed Trump to follow through with slashing tens of millions of dollars in education grants for funding so-called diversity, equity, and inclusion initiatives. 

 ‘When this Court issues a decision, it constitutes a precedent that commands respect in lower courts,’ Justices Gorsuch and Kavanaugh said in the August opinion.

Justice Ketanji Brown Jackson, in writing the dissent, appeared to sympathize with Young’s view, noting at one point: ‘Calvinball has only one rule: There are no fixed rules,’ she said. ‘We seem to have two: that one, and this administration always wins.’

Young, for his part, apologized for the error. But it appears to have done little to quell his desire to speak out on what he argued Tuesday is Trump’s apparent disregard for free speech protections. 

‘I fear President Trump believes the American people are so divided that today they will not stand up, fight for, and defend our most precious constitutional values so long as they are lulled into thinking their own personal interests are not affected,’ Young said Tuesday, before adding: ‘Is he correct?’

This post appeared first on FOX NEWS