I actually was at the AAP legislative conference in March and while it was noted that this was on the horizon, no one in their federal affairs contingent seemed too concerned just yet. I also know that at the national peds department chair meeting, a joint letter was signed by all the directors present and sent to D.C. protesting the proposed cuts. So it's on people's radars in a "return to clinic in 3 months" sort of way.
Yes, it's scary, and at the moment it isn't even a decrease in funding, it's a complete omission from the budget (and likely not a mistake). But I agree with the above sentiment. Until more is said about the cut actually moving forward, the only thing to fear is fear itself.