Fiercehomelandsecurity.com provides a breakdown of how the $295M FY2013budget reduction will be distributed among the various Coast Guard accounts.

Most will come out of operating expenses, the largest account, but reductions are generally spread to all accounts with the range of reductions being between 5.0 and 5.4%. That may not sound like a huge cut, but we are already well into FY2013, and since many, perhaps most, costs are fixed, or nearly so, those things that can be cut will be cut severely.