I just can't see training grants like ours being significantly affected. I guess anything's possible, but I don't think anyone is going to pull the rug out from the under existing students. Even if the rug was somewhat pulled the med schools/private funding would likely step in and cover us.
The much more salient question IMO is: will there be research funding for us when we're done so we can actually have a career in research? If so, will our first R01 come before the age of 50? Will we have to work 80+ hours our whole lives? Will we earn anywhere near our clinician counterparts? etc...
New administration has promised to double NIH money in the next ten years. Now, there are lies, damn lies, and campaign promises, but the team that's been assembled seems aggressive on health care and a less-publiscized aspect of Obama's campaign is the pretty impressive team of scientific advisers (most with a biomedical background) that he assembled and interacted frequently with. Whether you agree with it or not from an economic perspective, there have been signals from the president elect that he will move forward with his agenda, economy and deficits be damned (which, as I understand it, is according to some - many/most? - economists probably the right thing to do, at least in the short term).
There's hope, ideally the past eight years were the bottom of the barrel. Don't know if our budget can take it, but screw that, I want my R01. And I'll echo those who said the training grants are not the issue, but the research grants you'll hopefully get when you're on your own.
Percentages will be going up very soon because NIH released that R01 have only 1 re-submission. That would take away the A2 submissions, which had almost 50% funding. (Triaged A1s were unlikely to be resubmitted in the past).