Return of the Cliff: Penn Set to Lose Tens of Millions

Though the battle in Washington over tax hikes ended a week ago, big automatic spending cuts still loom. If no deal is reached on the sequester in two months (both R’s and D’s seem willing to let defense cuts kick in, for a change), UPenn would lose $50-$60 million on the spot, while Penn Medicine could lose up to $93 million this year. 82 percent of UPenn’s research funding comes from federal grants; similarly, the Medical School relies heavily on the National Institutes of Health, which would get cut by 8.2 percent if the spending cuts go through. [Daily Pennsylvanian]