What I wrote in July still stands:
None of this is good for NIH or NSF. Because the fiscal cliff cuts are across the board, they are mindless (remember, the cliff was supposed to be a deterrent) so the excellent will get thrown out with the merely good.
Even, if by some miracle, Congress manages to get something to the President’s desk in time, my guess is it’ll be some sort of agreement on the revenue side (i.e. taxes) that punts on the spending cuts. And I’m not exactly optimistic about any agreement before new years.
Expect some legislative movement encouraged by the markets early in the new year–it’ll be very telling to see if Speaker Boehner has any difficulty being reelected by his caucus–once again probably on the tax side but probably also dealing with DOD. I’m not expecting much good news for science.