An not very bold prediction
In particular, I'm betting we'll see something of the order of 15% recission of already issued grants, and sharper cuts in future awards. Temporary only, of course. New grant will also be issued late.
This will hurt, a lot. If it continues for more than one year it will hurt enormously.
I also predict that a lot of people sense this coming are going to pull-in spending, they will delay hires, cut back on travel and purchases to build up a reserve for when the cuts come. So there will be pain starting this year, peaking in ~ 18 months.
I really hope I am wrong on this one, but I don't think so.