University holds stake in fiscal cliff debate - SARAH SMITH, Daily Pennsylvanian

Facing the fiscal cliff, Penn has a considerable amount on the line — the University could lose $50 to $60 million and Penn Medicine could see a toll of about $100 million in one year. “Fiscal cliff” is a term used to describe automatic budget cuts and tax increases that would take effect on Jan. 2 if Congress does not reach a compromise by Dec. 31. It includes budget sequestration — broad cuts to spending for federal agencies. “I’d say it’s reasonable to say Penn could lose $50 to 60 million in research money,” Penn’s Associate Vice President for Federal Affairs Bill Andresen said. That kind of a budget cut would likely come with an “employment effect,” he added. Although he could not yet project how many jobs would be affected, he said it would likely impact researchers, laboratory assistants and some construction jobs, among others. http://www.thedp.com/article/2012/11/university-holds-stake-in-fiscal-cliff-debate