Government's H.R. Arm Shedding a Third of Staff
On Jan. 20, when President Trump returned to the White House, the agency had a staff of 3,110. Hundreds are leaving through incentive programs, and some are leaving without incentives. More than 125 have been laid off.
The newly confirmed director, Scott Kupor, told reporters on Monday that he expected staffing to drop to 2,000, by the end of the year.
Mr. Kupor said the agency was cutting its contractors by half as well, going from about 1,200 at the beginning of the year to 600 by the end of December.
The personnel office has been issuing guidance to agencies for months about how to cut staff and consolidate or eliminate programs. Agencies offered incentives for people to resign voluntarily, which has shifted the calculation of how many employees the government would have to lay off to achieve President Trump's goal of shrinking the size of the federal work force.
Some 788 employees at the personnel office took advantage of the incentives to retire early or resign and get paid through Sept. 30, while 152 others resigned without participating in any of the incentive programs. The agency laid off an additional 129 employees.
The personnel office did not say what other agencies have planned, but the threat of layoffs has been looming since the earliest days of the administration. The Department of Health and Human Services laid off 10,000 employees this spring. And on July 11, the State Department laid off more than 1,000 employees after the Supreme Court lifted a lower court's block on mass government firings.
Most agencies have not announced layoff plans, and the projected number of reductions has changed with thousands of employees leaving the government voluntarily. The Department of Veterans Affairs recently said it would not have to make layoffs because so many people decided to leave.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 hours ago
- Yahoo
Tariff Deals Spark Unusual Options Trading in Carrier Global Corp Stock
Carrier Global Corp. (CARR) stock is up today on news that the Trump Administration has made several Asian trade and tariff deals. That has sparked unusual out-of-the-money (OTM) CARR put options trading, signaling investor interest in the stock. CARR is up over 5% at $80.58 in midday trading, but the unusual options trading implies it may have further to go. A closer look shows it could be worth at least 18% more at $95 per share. More News from Barchart NVDA Broken Wing Butterfly Trade Targets A Profit Zone Between 150 and 160 Down 10% Since Warren Buffett's Retirement News, Should You Buy the Dip in Berkshire Hathaway Stock? MSCI, the Index Company, Forecasts Strong Free Cash Flow, Looks Undervalued Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Moreover, the unusual put option trading highlights a good way to play CARR stock - shorting long-dated out-of-the-money (OTM) puts to set a lower buy-in price and generate income in the process. The unusual options trading in CARR puts can be seen in Barchart's Unusual Stock Options Trading Report today. It shows that over 15,000 put option contracts traded at the $75.00 put option strike price for expiry at the end of 2025 (149 days from now on Dec. 19, 2025). The premium received by short sellers of these puts is about $3.10 in the midpoint, or a 4.133% short-put yield (i.e., $3.10/$75.00) over 5 months. That works out to about 0.83% per month for 5 months. More importantly, it allows a potential investor in CARR stock to set a lower breakeven point, i.e., if CARR falls to $75.00 anytime during this period. For example, $75.00 - $3.10 = $71.90, which is almost 12% below today's price. That makes shorting these puts a great way to potentially invest in CARR stock. Its value could be significantly higher by then. Let's see why. Trade Deals and Growth Prospects In April, CARR took a hit as the Trump Administration began its aggressive campaign to raise tariff rates on American trading partners. Carrier Global Corp. manufactures refrigerated boxes and related transportation items, which are heavily used in global trade for HVAC and refrigerated applications. However, yesterday the Administration announced several Asian trade deals. It established a 15% tariff rate with Japan, securing one of America's largest trading partners in a strong trade agreement. According to reports, another deal with the Philippines has also been finalized. This augurs well for the possibility of further trade deals. After all, the Trump Administration's August 1 deadline to set deals seems to be hard and fast. As a result, things could be looking up for Carrier Global Corp. Moreover, last quarter, it said in its Q1 earnings release that it had fully mitigated the effect of tariffs on its business. The market may have been a little skeptical about this. In fact, the company reaffirmed its guidance for the year, despite sales having fallen 4% YoY in Q1. It guided that it expects to see sales of $23 billion (up from a prior estimate of $22.5 to $23 billion). This is higher than the $22.4 billion in sales last year. The recent news may imply that sales guidance could rise. That may be what is pushing CARR stock higher. Strong Free Cash Flow and FCF Margins On top of this, Carrier Global reaffirmed that it expects free cash flow (FCF) to range between $2.4 and $2.6 billion this year. That implies its FCF margin (FCF/sales) could rise. For example, given management's guidance on sales, we can project at least a 10.9% FCF margin over the next 12 months (NTM): $2.5b FCF /$23 billion sales = 10.9% FCF margin Given that analysts foresee sales ranging between $23 billion and $24.3 billion, or $23.65 billion NTM: $23.65 billion NTM sales x 10.9% FCF margin = $2.58 billion NTM FCF That is significantly higher than the $526 million in FCF it made over the last 12 months, according to Stock Analysis, and the $2.5 billion midpoint range of its guidance for 2025. This could push CARR stock higher. Target Prices for CARR Stock FCF Yield Target Price. For example, let's assume that the market will give Carrier Global stock at least a 3.0% FCF yield if Carr Global makes $2.5 billion FCF this year and $2.58 billion over the next 12 months: $2.58 billion FCF / 0.03 = $86 billion market value That works out to an increase of up to 26% over today's market cap of $68.37 billion, according to Yahoo! Finance: $86b /$68.37b mkt cap = 1.258 -1 = +25.8% upside In other words, CARR stock could be worth 25.8% more over the next 12 months: $80.58 price today x 1.258 = $101.37 target price Dividend Yield Target Price. Another way to value CARR stock is to use its historical dividend yield (and assume that the stock reverts to that mean yield). For example, Yahoo! Finance reports that its 5-year yield has averaged 1.12%, Seeking Alpha says it's been 1.11% and Morningstar reports 0.91%. So, the survey's historical mean is 1.04% over the past five years. Given that the company pays out an annual dividend per share (DPS) of 90 cents, we can forecast where the stock's price target: $0.90 / 0.0104 = $86.54 target price Upside: +7.4% However, it seems likely that CARR will raise its DPS next year. Assuming it raises the quarterly 22.5 cents DPS by 5%, here is the NTM DPS forecast: $0.225 + $0.225 + $0.23625 +$0.23625 = $0.9225 NTM DPS Therefore, the NTM price target is: $0.9225 / 0.0104 = $88.70 price target Upside = +10% Summary Price Target. As a result, using a FCF yield method, the price target is $101.37, and using a dividend yield metric, it's $88.70. That works out to an average price target of $95.04 per share, or +18% over today's price. This is higher than analysts' price targets, as the average of 19 analysts surveyed by shows $84.10 per share. However, this could change next week when the company releases its Q2 earnings results on July 29. The bottom line is that investors are getting bullish on CARR stock, given the recent trade deals and the company's outlook. Moreover, its price targets could rise if Carrier Global maintains or increases its sales and free cash flow (FCF) guidance in its Q2 results release. On the date of publication, Mark R. Hake, CFA did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fox News
6 hours ago
- Fox News
Hillary Clinton sounded alarm on Biden's political viability 'by 2024,' Klain told House investigators
Ex-President Joe Biden's former chief of staff Ron Klain told House investigators that Hillary Clinton approached him with concerns about the octogenarian leader's political viability "by 2024," Fox News Digital has learned. Klain spoke with staff on the House Oversight Committee for over five hours on Thursday, as Committee Chairman James Comer, R-Ky., continues to probe whether top Biden aides concealed signs of mental decline in the ex-president. A source familiar with his voluntary interview told Fox News Digital that Klain believed Biden was mentally sharp enough to serve as president, and was not too old to run. But the ex-secretary of state and former Biden national security adviser Jake Sullivan both "approached Ron Klain stating they believed Joe Biden was not politically viable" months before he dropped his re-election bid in July 2024, the source said. Sullivan told Klain that Biden "was less effective in 2024 compared to 2022," the source said. It's not immediately clear if Biden's mental acuity was the reasoning for their doubts, nor if they made the case to Klain together or separately. But it's a significant indictment coming from top national Democrats of Biden in general, long before concerns about his fitness for office within the party were made public knowledge. Sullivan had been a top aide to both Biden and Clinton, having served as the latter's senior policy advisor during her 2016 campaign. Klain, who served as White House chief of staff for the first half of Biden's term, conceded that the then-president was less energetic and more forgetful, though he defended his "acuity to govern," the source said. "Mr. Klain stated that President Biden often confused names and proper nouns, and it got worse over time," the source said. Fox News Digital was told that Klain also said there was no reason to doubt President Donald Trump's own mental fitness. Klain said nothing to reporters when going in or out of the committee room Thursday. He's the sixth former Biden administration aide to appear for Comer's probe. And despite the interview being largely staff-led, Comer did make an appearance for the early half of the sit-down, and Reps. Andy Biggs, R-Ariz., and Ro Khanna, D-Calif., were both briefly there as well. Both Biggs and Khanna called Klain "credible" from what they saw inside the room. "I think he is telling what he knows accurately," Biggs told Fox News Digital. On the other side of the aisle, Khanna told reporters, "He answered every single question. He was fully cooperative." Three other former Biden White House aides who previously appeared – Annie Tomasini, Anthony Bernal, and ex-White House doctor Kevin O'Connor – all appeared under subpoena and pleaded the Fifth Amendment to avoid answering questions. Longtime Biden aide Ashley Williams and ex-staff secretary Neera Tanden, like Klain, came for voluntary transcribed interviews. Jeff Zients, who served as Biden's chief of staff for the final two years, was also asked to sit for a transcribed interview, a committee aide previously told Fox News Digital. A source familiar with the Biden team's thinking previously called Republicans' probe "dangerous" and "an attempt to smear and embarrass." "And their hope is for just one tiny inconsistency between witnesses to appear so that Trump's DOJ prosecute his political opponents and continue his campaign of revenge," that source said. When reached for comment, Adrienne Watson, a representative for Sullivan, told Fox News Digital, "Jake did not have a conversation with Ron about Joe Biden running for president before the debate." Fox News Digital also reached out to Klain's attorney as well as a contact for comment for Clinton but did not hear back by press time.
Time Magazine
8 hours ago
- Time Magazine
Is Donald Trump Named in the Epstein Files?
The Trump Administration has tried—and failed—to put tensions over its handling of convicted sex offender Jeffrey Epstein's case to bed for weeks. But they've only continued to escalate as news outlets have reported new information related to President Donald Trump's years-long relationship with Epstein and potential inclusion in files related to the case. The recent controversy ignited after the Department of Justice and FBI issued a memo earlier this month declaring Epstein's death a suicide and denying the existence of a 'client list' of people involved in his alleged sex trafficking activities. The memo contradicted a slew of conspiracy theories surrounding Epstein that have been particularly prominent on the right and had previously been fueled by top Trump Administration officials including FBI Director Kash Patel and U.S. Attorney General Pam Bondi, who in February stated that the rumored 'client list' was 'sitting on my desk right now.' (Following the memo's release, both have walked back their previous comments: Patel stated that 'the conspiracy theories just aren't true, never have been,' and Bondi said that she was referring to the case file on Epstein in the February interview.) Trump himself brought the issue up more rarely than his allies, though he promised on the campaign trail to release more information related to the case. The Administration's reversal on the matter has drawn outcry from the President's MAGA base and divided the Republican Party, as constituent concerns and calls for transparency have clashed with Trump's repeated attempts to downplay the scandal. House Speaker Mike Johnson earlier this week prevented a vote on a bipartisan bill that would mandate the full release of the Epstein files—cosponsored by fellow Republican Rep. Thomas Massie of Kentucky and Democratic Rep. Ro Khanna—by sending lawmakers home early for their five-week recess. A day later, the House Oversight Committee voted late Wednesday to subpoena the Department of Justice for its files related to Epstein's case. 'The American people deserve transparency and accountability and his victims deserve justice,' Rep. Summer Lee of Pennsylvania, the top-ranking Democrat on the panel, wrote on X Wednesday. 'The wealthy and powerful are not above the law.' Three Republicans on the committee broke with their party to vote with Democrats on the matter. The committee also issued a subpoena for a deposition from Ghislaine Maxwell, Epstein's long-time associate who is currently serving a 20-year sentence for sex trafficking and other crimes. Here's what to know about the controversy and how the Administration is responding. White House hits back at reports that Trump is named in the files Questions about the Administration's handling of documents related to Epstein further mounted after the Wall Street Journal and other news outlets reported on Wednesday that Justice Department officials informed the President in May that his name is in the Epstein files. His inclusion in the records, which also include the names of other influential figures, isn't evidence of wrongdoing, according to the Journal's report. Trump's name has previously appeared in unsealed documents in the case, along with those of a number of other Epstein acquaintances and associates. Justice Department officials also reportedly informed Trump in the May briefing that they did not plan on releasing additional files related to Epstein because the material included child pornography and the personal information of victims. The Administration is pushing back on the reporting. White House communications director Steven Cheung referred to it as 'fake news' in a statement to TIME. 'The fact is that the President kicked him out of his club for being a creep,' Cheung said. However, a Trump official told Reuters that the Administration is not denying that Trump's name was mentioned in the files. The Journal's most recent report comes as its parent companies, owner, two reporters, and one of the parent company's CEOs face a libel lawsuit filed by the President in response to an earlier story alleging that Trump was one of dozens of individuals who wrote letters to Epstein for his 50th birthday in 2003. 'Happy Birthday — and may every day be another wonderful secret,' the letter concluded, according to the media outlet. TIME has not independently verified the reporting. On Wednesday, Rep. Khanna told MSNBC's 'The Last Word with Lawrence O'Donnell' that he planned on issuing a subpoena for the birthday album, which is in the possession of the Epstein estate. In the face of the escalating scandal, the Trump Administration has made some effort to release more files related to Epstein. On July 18, the Justice Department filed a motion asking for grand jury transcripts in the case to be released. A Florida federal judge this Wednesday blocked one of the Administration's requests to unseal grand jury testimony, citing regulations barring courts from unsealing such transcripts except in narrow circumstances. Two other requests for information filed by the Department in the state of New York are still being considered. What has Trump said about Epstein? Despite Trump's attempts to distance himself from Epstein since the disgraced financier's first conviction in 2008, the two were previously pictured together on numerous occasions—including at Trump's 1993 wedding to Marla Maples and at his Mar-a-Lago estate. In a 2002 interview with New York Magazine, Trump stated that he had known Epstein for around 15 years and referred to him as a 'terrific guy' and 'a lot of fun.' 'It is even said that he likes beautiful women as much as I do, and many of them are on the younger side. No doubt about it — Jeffrey enjoys his social life,' the magazine quoted the President as saying. In 2017, however, the Trump Organization denied that the President had a relationship with Epstein or was aware of his conduct. 'This has all been reported countless times in the press,' Trump Organization attorney Alan Garten told POLITICO. The President has expressed ire at the media's focus on Epstein in recent weeks. 'I had the Greatest Six Months of any President in the History of our Country, and all the Fake News wants to talk about is the Jeffrey Epstein Hoax!' Trump wrote on Truth Social Wednesday. What files have already been released on Epstein and is there a client list? Public pressure for the unsealing of files regarding the notorious sex offender is in part due to Trump's 2024 presidential campaign promise to release more information regarding the matter. Some previously sealed documents related to the Epstein and Maxwell cases have already been made public. In January 2024, more than 1,400 pages of records were unsealed under the Biden Administration, though they included little new information. This February, the Trump Justice Department released what it referred to as the 'first phase of the declassified Epstein files,' first to a group of right-wing influencers and later publicly. The information, however, was mostly already public, including flight logs and a redacted copy of Epstein's contact book. Trump is among other prominent figures named in the previously unsealed documents. He was mentioned in a 2016 deposition from Johanna Sjoberg, one of Epstein's victims, who said the disgraced financier's plane made an impromptu stop in Atlantic City in the 2000s. Sjoberg said 'no' when asked if she'd given Trump a massage. The FBI and DOJ have denied the existence of a 'client list' of people Epstein allegedly trafficked young girls to. They also said there is no credible evidence that Epstein blackmailed associates to keep them quiet. Why is the government meeting with Ghislaine Maxwell now? Deputy Attorney General Todd Blanche said on Tuesday that he intended to meet with Maxwell to discuss Epstein and what she knows about his actions. Blanche said he reached out at Bondi's request. 'President Trump has told us to release all credible evidence,' he said. 'If Ghislane Maxwell has information about anyone who has committed crimes against victims, the FBI and the DOJ will hear what she has to say.' Maxwell's lawyer confirmed in a post on X that they were in contact with the government. The decision to speak with Maxwell, as well as the Department of Justice's request for grand jury testimony related to the Epstein to be unsealed on Friday, mark a shift in Bondi's approach to the issue as the Administration continues to take fire from its base and some Republican lawmakers and media figures.
