Some labs are less competitive because crucial experiments (for instance whole exome sequencing) cannot be done in a large group of patients because of cuts.
We are not experimentators, so we just skip conferences, do not publish in the paid journals, not using Open Access, maybe suffering in possibility to buy equipment.
Definitely it will research affect research especially in low income countries. This by means of reduction supplements and resources of research equipments.
Academic market is highly competitive - and it has always been, but I think the financial cuts in research have an impact on our own careers. For those who, like me, are in the early stage of their academic career (post-docs) it is getting harder to get funding to carry out new research projects, to cover our salary, publish new papers (not only on open-access journals), to go to conferences, etc.
Economic cuts affect not only the quality of research (quality of inputs and outputs, mobility to scientific events) but also the quality of research team and future of very valuable young researchers
It will impact heavily the implementation part of the research, primary data collection in specific and experimentation where it applies. However, we need to be creative in the proposal writing to involve NGOs (as suggested in this thread) by opening their eyes of potential benefits of the research to specific communities.