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Speaking of our current situation:
3/1/2013 - WASHINGTON (AFNS) -- As the Air Force braces for potential sequester, leadership has cancelled all aviation support to public events for at least the remainder of the fiscal year and is standing down the Thunderbirds aerial demonstration team to save flying hours to support readiness needs. Effective today, active-duty, Reserve and Guard units will cease all aviation support to the public. This includes the cancellation of support to all air shows, tradeshows, flyovers (including funerals and military graduations), orientation flights, heritage flights, F-22 demonstration flights and open houses, unless the event includes only local static assets.
Additionally, the Air Force will cancel the Thunderbirds' entire 2013 season beginning April 1.
The Thunderbirds and Heritage Flight crews will complete their certification procedures for safely flying aerial demonstrations in case the budget allows resumption of scheduled events in 2013, but and the Air Force will cease participation in Heritage flights following certification.
I didn't see anything like this out of the Navy, but I did come across a news report that said the Blues had cancelled all shows in April, but were hoping they might still salvage the rest of the season: