This summary from California Healthline has a good overview of the impact that the president’s proposed FY 2015 budget will have on health and medical funding, and also what the initial reaction to some of the proposals has been. Note that the largest cuts will be in Medicare and Medicaid, with an estimated $400 billion to be slashed over the next 10 years. These reductions are not expected to be approved by the U.S. Congress, however, as there is strong bipartisan opposition. (That is to be expected, given that Medicare and Medicaid are the programs with which constituents are likely the most familiar and from which they benefit the most directly.) Funding for the National Institutes of Health will rise by about $200 million, although this increase is not considered sufficient to maintain research at the level necessary for competing with other countries.
Also, the Department of Health and Human Services has put together a detailed overview of the proposed budget, including a comparison with funding levels for the past few years, and also a breakdown of how funding levels will affect various programs and initiatives under government agencies related to health and medicine.
http://www.hhs.gov/budget/#brief (“HHS Budget in Brief” link, under “Table of Contents” and “HHS Budget”)