It is a "death by a thousand cuts" with cut backs, layoffs, and no new hires in most areas. Scientist and people who invested in the future of the space program (student loans, homes by research facilities, and so on) will be hit hardest. Short term no impact on us as a leader in Science, but overall it will cause major problems and push the US way down from our current number one position.
The entire NASA budget is less than half a percent of our entire federal budget. Cuts are making a world wide statement about the decline of the US, without actually doing much good in cuts. And is NASA an entitlement or a necessity? How about education? Health programs?
From the Reporter's Notebook on NPR's To the Point (click here).