University Of Chicago Bracing For Budget Cuts

12/27/2008 05:12 am ET | Updated May 25, 2011

The University of Chicago is bracing for budget cuts that could arrive as soon as the start of the new year.

Administrators have been ordered to outline scenarios that could slice up to 9% from existing spending levels, as investment income shrinks and prospects darken for donations and other revenue sources amid the economic gloom.

"As the economy has deteriorated, officers and deans at the University of Chicago -- like their counterparts across the nation -- have begun contingency planning," a spokesman said. "No decisions have been made about the magnitude or nature of potential cuts, but discussions are under way to identify ways the university might reduce costs without slowing its academic momentum or harming other core efforts, such as financial aid."

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