If we can't trust these organizations to make the right (and obviously needed) cuts in order to still realize their value to society in the face of reduced funding, then they don't deserve to be the ones teaching our children in the first place.
Same with government. Government waste is bad? Of course! Trim unnecessary government spending and pork barrel? Yes!! And which branches and positions should we cut? The Right Ones!! [cue nothing actually happens]
Shut off the money first. Some of the universities will make their cuts in academic and research departments. That's fine. I don't expect we'll hear too much from them after a while. Good riddance.