New global meltdown fear as £56 billion US cuts kick in

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http://www.dailymail.co.uk/news/article-...ck-in.html

New global meltdown fear as £56 billion US cuts kick in

Multi-billion-dollar spending cuts will particularly hit the US military
Pentagon will absorb half of the cost of cuts required before September
International Monetary Fund warns the measures could spark a new global economic crisis


Barack Obama yesterday set in motion a multi-billion-dollar spending cuts programme that will particularly hit the US military after failing to reach a compromise with his Republican opponents.

The cuts – described by the US President as ‘dumb’ – are designed to whittle away America’s $16.6 trillion debt.

However, the International Monetary Fund has warned the measures could spark a new global economic crisis.

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