There are three issues here 1) overall science funding, 2) geosciences funding, 3) social science funding.
This is a funding proposal that increases NSF (aka "basic science") funding by the government by 3.4%. It increases computer science funding at NSF by 14%. The government already provides more basic and applied research funding per year than the combined angel and VC annual investment in all US startup companies. That's pretty damn good. Government funding is not the rate limiting factor in scientific advancement.
Geoscience is primarily funded through NASA and DOE (both have bigger budgets in this area). This NSF cut will get a bunch of people on record as saying more global warming study is needed. Then politicians can play a big game of "gotcha" in committee meetings later. Short version: this is a trap. Modern politics sucks. The more geoscientists say "more study is needed," the more ammunition folks like Ted Cruz will have to put off solving the problem. It's really not fair, but geoscientists need to take the cut.
Lastly, social sciences. They knew this day was coming. These poor guys are a victim of the ($300M per year) BRAIN Initiative and the associated strong political support for hard science based cognition research. Their funding, plus some, is going to NIH to be gobbled up by neuroscientists. Coincidentally, all of the major centers administered by this branch of NSF finish a 10-year funding cycle this year. Maybe it's actually time for a change, maybe they're getting a raw deal, but now is a reasonable time to start major renovations in the Directorate for Social, Behavioral and Economic sciences.
So, overall science budget is going up. Minor budget battles in climate research may do more harm than good (and that might be on purpose). And behavioral research is moving to a different agency.