The Trump administration said this week that federal workers ...
The Trump administration said this week that federal workers should be dismissed en masse if the government runs out of cash and shuts down next week. And that’s an increasingly likely outcome as congressional Republicans and Democrats appear miles apart on a spending bill that they’d have to pass to keep the government open past an Oct. 1 deadline.
In previous lockouts, many federal employees were furloughed, but returned to work with back pay once lawmakers agreed on a funding plan. But this time, the Office of Management and Budget raised the stakes by directing agencies to prepare permanent layoffs in programs that don’t have alternative funding sources and aren’t “consistent with the President’s priorities.”
The economy would be the biggest loser
Though vital programs like Social Security and Medicare typically run uninterrupted during shutdowns, basic economics can tell you that a beltway belt-tightening is no bueno:
Hundreds of thousands of federal workers going without pay would shrink consumer spending.
Uncle Sam’s hibernation could disrupt applications to federal social assistance programs and pause federal loans to small businesses.
A shutdown could also hamstring financial regulators, freezing the IPO market and delaying key economic data releases that investors use to make decisions.
Microsoft cut off some cloud services for the Israeli military. The...
Microsoft cut off some cloud services for the Israeli military. The tech giant disabled certain services for a division of Israel’s Ministry of Defense after it said it found evidence that the unit was using its Azure cloud platform to surveil Palestinians. The internal Microsoft investigation follows an August report in The Guardian that the Israeli Defense Forces were using Microsoft infrastructure to track Palestinians’ phone calls. Last month, Microsoft fired five employees who were protesting the company’s relationship with Israel after some of them broke into and occupied Microsoft President Brad Smith’s office in Redmond, Washington.
Former FBI Chief James Comey was indicted on charges of lying to Congress and obstruction, days after President Trump publicly urged the Justice Department to pursue Comey and other perceived political foes.
Secretary of Defense Pete Hegseth ordered a “rare, urgent” meeting of hundreds of US generals and admirals next week in Quantico, Virginia, for reasons that were unclear, the Washington Post reported.
Disney shareholders reportedly sent a letter to the company demanding that it turn over records related to its suspension of late-night host Jimmy Kimmel.
Vice President JD Vance said the deal to sell TikTok’s US operations to a group of American investors values the new company at $14 billion.
Delta said it would replace power units on more than 300 Airbus jets after the Wall Street Journal reported that toxic fumes had leaked into the air supply.
Former top US economic leaders, including past heads of the Federal Reserve and Treasury, urged the Supreme Court to block President Trump’s attempted firing of Fed Governor Lisa Cook.
Starbucks is cutting 900 corporate jobs and closing unprofitable stores as part of a $1 billion restructuring plan.
Natural Gas Storage Reports Slight Dip, Suggesting Increased Demand
The Energy Information Administration (EIA) released its Natural Gas...
The Energy Information Administration (EIA) released its Natural Gas Storage report, indicating a slight decrease in the number of cubic feet of natural gas held in underground storage over the past week. The actual figure reported was 75 billion cubic feet (B), a dip from the previous week’s 90B.
The reported number, 75B, is slightly below the forecasted 76B. This deviation from the forecasted figure suggests a stronger demand than initially anticipated. As per economic principles, a decrease in natural gas inventories, if less than expected, implies greater demand, which is bullish for natural gas prices.
Turkish state gas firm Botas is set to receive 141 billion cubic feet...
Turkish state gas firm Botas is set to receive 141 billion cubic feet of US liquefied natural gas annually starting in 2026 under a 20-year supply deal with Swiss trader Mercuria. Botas also has a preliminary agreement with Woodside Energy to import 205 Bcf of LNG from its Louisiana LNG project starting in 2030, part of Turkey's strategy to diversify its energy sources away from Russia and Iran.
The Environmental Protection Agency has started a reorganization that...
The Environmental Protection Agency has started a reorganization that includes the creation of the Office of Applied Science and Environmental Solutions under Administrator Lee Zeldin. The move has prompted concerns from unions about potential political interference in scientific research, as the new office is expected to absorb functions from the Office of Research and Development. Agency leaders say the overhaul will create a more efficient and effective organization, with a particular focus on meeting statutory obligations and supporting innovation.
