Economic Crisis Hits MIT, Necessitates Budget Cuts Throughout the Institute
By Maggie Lloyd and Vinayak Ranade STAFF REPORTERS This past year, MIT saw sweeping budget cuts in response to the national economic crisis. One-fourth of the General Institute Budget is funded by MIT’s endowment, which saw a 20.7 percent decline in value during FY2009 from slightly over $10 billion to $8 billion. The original proposal to avoid a major Institute deficit was to reduce expenses by …