Google or Amazon should offer to sponsor it and make the data accessible in their respective cloud computing platforms. There's tons of potential for data analysis / consultancy companies to work on this data and it's too big to process anywhere else.
I have a feeling this might be a bluff. This scare might just be politics as usual. It just doesn't make sense to cut this, especially if they're saving money.
Very upsetting for fans of open / accessible (government) data.
FWIW, petition at http://sunlightfoundation.com/savethedata/