I'm very worried. I just started my Master's program, and after I'll be finished in about 1-2 years, I plan to apply to PhD programs around the country. It's already super competitive, and with the upcoming funding cuts, I might not even get accepted anywhere in the U.S.
Academia is a dead end job for the vast majority of people. The money goes to administrators and football coaches while teachers are adjunctified into poverty. Get out while you can.