Crain's has the basic facts, and notes (in an earlier piece linked in the new one) that the new cuts come on top of earlier ones.  The article attributes the cuts to the building spree on the U Chicago campus, which has added a lot of attractive new facilities, though other sources around campus say much of this results from the huge investment in the new Institute for Molecular Engineering, a field in which the University previously had no presence at all.   The Social Science Division is also facing an 8% cut as well.