University of Texas planning 5 percent budget cut - The Associated Press

The University of Texas is putting together a proposal for a 5 percent cut that could trim about $29 million from the state-funded portion of its budget. Gov. Rick Perry, Lt. Gov. David Dewhurst and House Speaker Joe Straus last week told state agencies, including higher education institutions, to submit budget-reduction plans by Feb. 15. "It's a sizable amount of money," UT President William Powers Jr. said Monday during a meeting of the Faculty Council. "This is not good news."