Looming 'fiscal cliff' could cost California $4.5 billion; 200,000 jobs - PAMELA NONGA NGUE and MICHELLE MURPHY, California News Service

California stands to lose up to $4.5 billion federal dollars and more than 200,000 jobs next year if Congress fails to reach a deficit-reduction agreement by Dec. 31. The cuts, originally intended as a threat to get Congress to address the national debt, are now coming into sharper focus as the deadline approaches, and some fear it could damage the state's fragile economy. Numerous studies have tried to quantify the impact on California. The University of California warns it could lose $335 million in research funds and $21.5 million in Medicare revenue for its health system. "It would have a devastating impact on the nation, including California, and including the University of California," said Gary Falle, the university's associate vice president for federal governmental relations. http://www.dailydemocrat.com/news/ci_22113635/looming-fiscal-cliff-could-cost-california-4-5