The US House Appropriations committee has passed the NSF budget at a 2% ($111 Million) cut. There are still many more phases in the budget process to go but this cannot be viewed as good news for science. For various reasons, the NSF is lumped in the same budgetary group as Veteran's Affairs and the veterans lobby better than scientists.
The American Institute of Physics has a detailed report and perspective. Here also is a statement from the Coalition for National Science Funding and some comments from the Computing Research Policy Blog.
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