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When I was in Washington meeting with congressional staffers about research earlier this year, everyone I spoke to about the budget, Republican and Democrat, said that the president's budget was not going to pass. They were right. The new budget is much more moderate. The National Institutes of Health actually got a budget increase and the budget of most other science and humanities funding agencies either remained the same or slightly increased or decreased.
As the article notes, there are continued threats from the executive branch about budget cuts for science and the humanities for next year's budget. For now however, everyone in the research community is taking a collective sigh of relief.