This study looks closely at academic and research library plans for their scholarly journal subscriptions. These subscriptions are the heart of a research library's scholarly services and often constitute the majority of materials spending, making them particularly vulnerable in an economic downturn. This study helps its readers to answer questions such as: how many journal subscriptions have libraries cancelled this year? How many do they plan to cancel next year? Do they plan to add any subscriptions? How much do they plan to spend overall on journals subscriptions and what is the likely trend? What are their criterial for subscription cancellation and which academic fields will be the hardest hit? What process or procedures do they follow when cancelling subscriptions? Are faculty consulted? How many proposed cancellations are prevented by faculty objections? What percentage are saved due to agreements from faculty to partially or wholly support their cost? What means do libraries use to satisfy requests for lost content when they cancel subscriptions? How successful are these means in meeting library patron needs?