As a response to losing nearly $41 million dollars in funding over the next two years University of Wyoming President Laurie Nichols declared earlier this week that the University is in a financial crisis. To deal with this crisis the universities board of trustees approved a budget that will eliminate 70 vacant positions and cut spending by almost $19 million. The university also plans to standardize teaching time, reduce temporary faculty and provide incentives for early retirement. However, these changes will not be enough to combat the deficit. According to Nichols the university was able to avoid program cuts and layoffs for this coming school year, but with the current situation those cuts will be unavoidable next year.