Harvard engages in cost cutting

(CNN)– Harvard University is cutting costs after the federal government cut its funding.

The school is extending a hiring freeze announced last month.

It’s also halting pay increases for faculty through next year.

The university has also formed a new committee to identify which research projects get funded.

This is in addition to Harvard looking into unloading about $1 billion dollars of private equity holdings.

But sources tell CNN the school’s discussions about that began late last year, long before the funding fight.