So the house GOP has officially proposed their budget today and our worst fears have been relieved. They only propose to cut 224 million $ from amtrak's budget. That is still a higher appropriation that what Amtrak has had in budgets past, so the outlook seems ok for Amtrak.
Keep in mind that this was the proposed budget numbers coming out of the House Appropriations committee. The revised FY2011 budget still has to be passed by the committees and the House - and a fight could erupt between the newly elected hardcore tea party members and the Republican leadership & more mainstream Republicans. The Senate has to pass their own FY2011 appropriations bill, which had, if I recall, around $1.9 billion for Amtrak in the bill that did got hung up in the Senate at the end of the lame duck session in December. There is a lot of horse trading to be done and this time, with an Administration that has placed significant political capital in favor of passenger rail. If I was to bet, it would be on Amtrak FY2011 funding matching the FY2010 levels. Not what Amtrak was hoping for, but enough to keep the trains running.