New global meltdown fear as 56 billion US cuts kick in

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 SeptemberInternational Monetary Fund warns the measures could spark a new global economic crisis By Sharon Churcher PUBLISHED: 01:47 GMT, 3 March 2013 | UPDATED: 01:47 GMT, 3 March 2013 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