Looks like you might have until the end of 2013 before they officially close it down. http://groups.google.com/group/google-ajax-search-api/browse_thread/thread/6aaa1b3529620610/d70f8eec3684e431?lnk=gst&q=news+api#d70f8eec3684e431
Also, it sounds like they are building a replacement... but it's going to cost you.
I'd say, go to a different service. I think bing has a news API.
You might enjoy (or not) reading: http://news.ycombinator.com/item?id=1864625