“The evidence suggests limits to industry’s willingness to fund R&D vacated by the federal government, should Congress go along with the White House’s budget plans.” https://www.aaas.org/news/new-brief-could-industry-fill-gaps-following-federal-rd-cuts
For academic and basic research, which underlies much of the translational, clinical, and practical innovation in the world, this funding loss could be a heavy blow. In a time when much of university funding comes from grants rather than sustained government (usually state) support or tuition, researchers like me rely more and more on grants from government agencies.