The administration's proposed FY26 budget includes the least amount of funding for science from the federal government in the last century. AAAS Senior Manager of R&D Policy @Alessandra Zimmermann spoke to The New York Times' William Broad about the impacts these drastic funding cuts will have on basic research and global competition with China. Read the story.
Some key quotes by Alessandra:

"The science group has long recorded the ups and downs of the federal government's annual spending on science. Taking inflation into account, Ms. Zimmermann said the administration's proposed cut of $44 billion would, if approved, make the $154 billion figure the smallest amount that the federal government has spent on science in this century."
"The proposed drop in federal funding for science research, if approved by Congress, could let China match or take the lead in global science investments, Ms. Zimmermann said."