First off let me echo a few others and say that these cuts are terrible and shocking news, given that during all those months of congressional negotiations, Fulbright-Hays kept emerging unscathed. I had such misplaced hopes...
In any case, I have this news from my university's fellowships department: Our director called the DoE this morning, at the request of several panicked graduate students, myself included. He was told by either Amy Wilson or one of her colleagues on the DDRA staff that "They recognize that this year's announce date is later than last years. They apologize. They anticipate an announcement in May." Our director asked is she could be more specific, and she said they only thing she could say was "in May." On the one hand this makes it sound like the program is still a bit up in the air, but on the other hand, it has not yet been outright canceled.
Re: The clear text posted on the National Humanities Alliance site, I understand it to mean that Title VI/Fulbright-Hays have been funded (as opposed to canceled outright), but that the DoE gets to have the final say, as it prepares its budget revisions based on the latest congressional decree, on how much, if any funding, DDRA will receive. It all depends on what their priorities are and where they decide to cut. It seems like it could go either way at this point; at best it will be unaffected and at worst...I'm not sure if how to read Ms. Wilson's stalwart "in May" responses.