The mandated sequestration of federal funding has a high probability of being triggered March 1. Various agencies will respond in their own ways. The National Institutes of Health has sent out the following statement:

"NIH Operation Plan in the Event of a Sequestration." The notice reads, in its entirety: "The NIH continues to operate under a Continuing Resolution as described in NOT-OD-13-002, and therefore all non-competing continuation awards are currently being funded at a level below that indicated on the most recent Notice of Award (generally up to 90% of the previously committed level). Final levels of FY 2013 funding may be reduced by a sequestration. Despite the potential for reduced funding, the NIH remains committed to our mission to seek fundamental knowledge about the nature and behavior of living systems and the application of that knowledge to enhance health, lengthen life, and reduce the burdens of illness and disability.

Should a sequestration occur, NIH likely will reduce the final FY 2013 funding levels of non-competing continuation grants and expects to make fewer competing awards to allow the agency to meet the available budget allocation. Although each NIH Institute and Center (IC) will assess allocations within their portfolio to maximize the scientific impact, non-competing continuation awards that have already been made may be restored above the current level as described in NOT-OD-13-002 but likely will not reach the full FY 2013 commitment level described in the Notice of Award. Finally, in the event of a sequestration, NIH ICs will announce their respective approaches to meeting the new budget level. Inquiries: Questions regarding adjustments applied to individual grant awards may be directed to the Grants Management Specialist identified on the Notice of Award."

http://grants.nih.gov/grants/guide/notice-files/NOT-OD-13-043.html

For those with training grants, cuts seem unlikely, although the future awarding of grants of all types is uncertain.