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The Boston Globe

Business

Threat to funds haunts Boston-area labs

Boston-area teaching hospitals and universities are bracing for deep cuts in the federal funding that has fueled biomedical research for decades, raising fears that breakthrough work on cancer cures, stem cells, gene therapy, and other research will suffer setbacks.

Unless Congress agrees by Dec. 31 on $1.2 trillion in savings to reduce the federal deficit, National Institutes of Health spending will be trimmed by 8.2 percent, or about $2.5 billion annually, according to the Office of Management and Budget projections — part of an across-the-board budget-chopping process known as sequestration.

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