EETT Funding Cuts?

Just received this email from the Ed Tech Action Network and am curious what others think:

Last week, the House of Representatives' Appropriations subcommittee approved a 63 percent cut in the Enhancing Education Through Technology (EETT) Program. If this cut becomes law, it will leave many school districts without funding for hardware, software and technology professional development, placing our students at a distinct skills and knowledge disadvantage when they enter the 21st century job market.

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What does everyone think about this? Is this going to have a significant impact, or will these cuts be offset by funding in other areas? Here in Ohio I've been disappointed by how restrictive the requirements are for spending EETT funds, so I would be ok with cutting the program in favor of an alternative that gave more flexibility to schools. Is that the case, or are these just straight cuts?