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

Leveson Report: Labour now says state media watchdog Ofcom might not be right to oversee new controls on the Press

Ed Miliband backtracks on Leveson Report: Labour drops call for government watchdog Ofcom to oversee new Press rules (only a DAY after supporting 'entire' review) Yesterday Labour leader Ed Miliband said broadcasting regulator Ofcom is the 'right body' to verify independent press bodyToday deputy leader Harriet Harman says it need 'not necessarily' be OfcomTory and Lib Dem leaders both oppose involving quango Ofcom in regulation and a call to impose tougher data protection rules on journalists | UPDATED: 17:20 GMT, 30 November 2012 . When Mr Miliband spoke, he was heard in complete silence. He was hot for everything suggested by Lord Justice Brian Ed Miliband is preparing to drop his backing for Lord Leveson’s plan for broadcasting watchdog Ofcom to oversee the regulation of the press