I'm so relieved that they are only taking 19% out of the budget. I can cut that much.
Update and explanation: The IC from whence my money (now) flows has a minimum cut of 17% for all R01s funded (although I'm not so naïve to think that this applies to everyone). This is my first dance at this particular IC, and I have no record or relationship with the PO for this grant. So I was expecting quite the worst, as in little understanding of what my budget. We talked about what would be the absolute minimum I needed to do the work. I tried to explain what could and could not be cut.
I had not padded the budget for this for two reasons. Firstly, its wrong and on the axis of truth to lies pretty damn near lies. Secondly, actually, there is no secondly. I know some people think that it is good grantsmanship to pad the budget in case of cuts, but that is not going to solve the problem (which is still, in my view, too many mouths at the trough).
So, the potential for cuts up to 40% exist. That I had only 19% was of great relief to me.