The president has released his proposed 2013 federal budget and ScienceInsider has been rolling out updates on how the budget is set to affect science funding. You can find a list of recent posts related to the budget here. Also, Wired Science has weighed in with a post on proposed cuts in the NASA budget.
Since I'm not an expert in such matters, and since the subject has obviously been tackled by folks who are much more knowledgeable than yours truly, I'd rather not delve into the details of the president's proposed budget. I will, however, sum up the whole situation as I understand it by saying that the field of science is receiving a mixed bag by the administration's budget. A lot of department budgets are being cut, but money is then being shuffled around so that science and research funding in these departments will actually be increased relative to the previous year. Except for NASA. Their funding is being cut and programs are being cancelled, so it seems to be all bad news for the space agency.
So I guess all-in-all, its only slightly bad news. Not horrific. But not good, either.
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