Two articles suggest that space budgets may be tighter in coming years because of the financial crisis and government deficits. At the moment, there are no actual cuts being made.
For a review of the Obama administration's request that all agencies identify their least important 5% of spending, see What NASA programs could be vulnerable to a budget cut? from Space Politics.
For a review of the ESA budget situation, see ESA needs to 'tighten the belt' amid budget crisis at Spaceflight Now.
If budgets are cut, existing planetary exploration budgets may or may not be targeted. However, if agency budgets are cut, it seems unlikely that new funding would be added to planetary exploration budgets.