UMass: 'Cliff' Could Drain Nearly $32M In Research Funds

University of Massachusetts President Robert Caret is warning that the university system could lose nearly $32 million in federal research dollars next year if the country heads over the so-called "fiscal cliff."

Caret cautioned members of the university's board of trustees Wednesday about the consequences if Congress and President Obama fail to reach a deal to avert automatic cuts to defense and domestic programs.

Caret said federal agencies that finance the university's research, including the National Institutes of Health and the National Science Foundation, could lose more than 8 percent of their funding.

Caret said that would make it harder for the university to pay for critical scientific research.

Caret said the failure to reach an agreement on the fiscal cliff could also affect some financial aid programs.