I live in Boulder and drive past the NOAA (and NIST, and I think parts of CIRES) offices every day. I've had family and countless professors that have done joint research with them, and very, very good friends and colleagues that have started their careers there. Part of how I wound up here (in the tech sector, posting to HN) was on an eighth grade field trip there asking how they drove 'Science on a Sphere' (7 RHEL machines).
It'd obviously be terrible globally if this were to go through, but it'd be pretty awful locally too. Every year around budget approval season, most NOAA folks I know would be insanely worried...Guess that comes a little early this year.
EDIT: I guess as a follow up, I anticipate pretty substantial(proposed, at least) cuts to UCAR/NCAR and NREL as well. "We don't need no stinkin' climate research!"