I need to terminate my lease because of cutbacks in my employment. Is there a legal way to do this without severe penalties? My lease does not expire until June 2009.

Probably not. Not unless your lease "allows" you to. Most leases only allow termination if you are military. But read it thoroughly to be sure exactly what it allows and what it says about early termination, etc.

In my opinion (as a landlord) your best option is to contact the landlord as soon as possible and discuss your options with them. Of course, all different landlords have different policies about this stuff, but the more up front and helpful you are in the whole situation the less likely they are to "stick it to you". I'd just let them know that you're not looking to skip out and are willing to do whatever you can to help re-rent the unit, etc. But make it clear that you are about to lose the ability to pay.

Some places will let you pay an early termination fee, etc and move on down the road, some will come after you with guns blazing, and then of course all different options in the middle.

Well of course you can "ask" some landlords are more willing than others to work with you.

If they find a new renter very fast, ( or you may consider trying to sub-rent it out to someone if that is allowed.