Biomedical research in this country has unfortunately been pressure cooking for quite some time now, really since the late 90's. The "bust and boom" cyclical nature of increases and flat-lining funding has led to a much less stable system that what should be the case for something that requires continued, steady investment. Over the last 10+ years, neither party has made it a priority to address this problem. Flat-lining budgets over the last several years is effectively cutting the overall NIH budget due to inflation. While the NIH leaders have done a tremendous job to work with what has been given in terms of funding, overall the picture remains bleak. Funding rates are at all time lows and there is no positive outlook to be had in the near or long term future. Personally, I think we are losing many potential biomedical researchers (especially MD/PhDs) due to this issue, combined with increasing societal costs.
Due to laws passed by Congress, there will be tremendous cuts to the physician and hospital payment system in Medicare and Medicaid in the near future. The medical enterprise will undergo tremendous changes regardless of party that is in power. In either case, physicians will be required to see more patients and do more work for less money. This will further pressure MD/PhDs into full-time clinical careers or increase the pressure to obtain additional grant funding to fund one's salary. It is a terrible vicious circle.
Neither presidential candidate has made it a priority to address these issues. Politically, issues such as the economy, budget deficit, housing crisis, and several others take much higher precedence, even if the research enterprise is linked with the economy. As another poster stated, it might take something like China pushing ahead of us in terms of scientific advances to bring a needed "wake up call". A nation cannot continue to be on top by resting on its haunches.