Harvard University could face an annual budget shortfall of roughly $1 billion if President Donald Trump carries out threatened moves that would slash federal research funding, tighten tax rules on large endowments and curb student enrollment, the Wall Street Journal reported, citing publicly available financial data. The newspaper’s worst-case scenario assumes the loss of all federal research grants, higher taxes on Harvard’s $53 billion endowment and lower tuition revenue, a combination that would eclipse the school’s recent $4.5 billion investment gain. The anticipated gap has prompted the university to explore ways to negotiate with the administration, according to the Journal. The fiscal pressure comes amid heightened political scrutiny of the Ivy League institution. Representative Elise Stefanik has urged the Securities and Exchange Commission to investigate valuation practices in Harvard’s private-equity portfolio, while critics question the rationale for continuing federal subsidies to the nation’s wealthiest university.