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🚀 Trump sees shutdown as an opportunity
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President Donald Trump on Thursday cast the ongoing government shutdown as an “unprecedented opportunity” to permanently slash what he called “Democrat Agencies,” framing the standoff as a chance to weaken political opponents. His remarks followed freezes on $18 billion in New York City infrastructure funds and the cancellation of $8 billion in climate-related projects in Democratic states, actions announced by budget director Russell Vought, a key author of the conservative Project 2025 blueprint. Trump said he would meet with Vought to decide which agencies to cut and whether the reductions would be temporary or permanent, praising him as “he of PROJECT 2025 Fame” despite having previously disavowed the plan. The shutdown, now in its second day, has already sparked warnings of potential mass firings instead of the typical furloughs that accompany funding lapses, with Vice President JD Vance saying “extraordinary steps” may be necessary if it drags on. The rhetoric marks a sharp escalation, as past shutdowns generally focused on budget disputes rather than partisan targeting of entire agencies.
Tesla reported third-quarter deliveries of 497,099 vehicles, up 7% from a year earlier, boosted by U.S. buyers rushing to take advantage of federal EV tax credits before they expired on September 30. Production slipped slightly to 447,450 vehicles, down from nearly 470,000 a year ago, as the company grappled with softening demand in Europe, where backlash against Elon Musk and rising competition from rivals like Volkswagen and BYD have eroded market share. Despite missing some analyst estimates, Tesla still beat Wall Street’s consensus forecast of around 447,600 deliveries. The gains in U.S. sales helped offset Europe’s slump, while Tesla’s energy storage business continued to expand, deploying 12.5 GWh of battery products. Shares dipped on the delivery report, though Tesla stock remains up 14% this year after a 40% rally in the third quarter.
With the federal government shut down and official jobs data unavailable, economists are turning to alternative sources that show a weakening labour market. A Chicago Fed dashboard reported unemployment holding at 4.34% in September, just shy of its highest level in four years, while hiring fell to its lowest rate since 2009. Outplacement firm Challenger, Gray & Christmas said planned layoffs declined in September but remain elevated for the year, with nearly 950,000 cuts announced so far—already above 2024’s total. At the same time, new hiring has collapsed, with only about 205,000 jobs announced this year, a 58% drop from 2024 levels. The picture suggests an economy slowing sharply, with policymakers left to rely on incomplete private-sector data until the shutdown ends.
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