By Vivian Belik The Chronicle Herald announced it will be slashing the budget of its newspaper by $1.5 million. On January 15th, staff were informed the Herald needs to make financial cuts to keep the newspaper afloat. Dan Leger, director of news content at the Chronicle Herald, explains the cuts are due to the downturn in the economy coupled with advertising models that no longer provide adequate revenue for the paper. "It's a classic case of a cost-revenue squeeze," says Leger. Senior management at the Herald are hoping there won't be any job losses as a result of the cuts but the union was told Wednesday, January 14th that they could face buy-outs or possible layoffs according to a report by the CBC. "They are just beginning to make cuts to the budget," says Leger. "Senior management will be consulting with the union to make cuts without unduly causing harm." Until then, says Leger, the Herald will stretch its budget by strictly controlling overtime hours and cutting back on overnight travel for employees. Even with the cuts, Leger insists the Herald will provide the most comprehensive level of reporting in the province and will remain independent. "The Chronicle Herald is a source of tremendous pride for [Publisher Graham Dennis] - he's made the independence of the paper his life work."