Just how bad...
It's worth noting that they think the Moon plan is not doable EVEN IF we give up Shuttle in 2010 and abandon ISS in 2015 as currently "planned" but as almost no one thinks will actually happen. It'll be interesting to see what happens as they've said pretty bluntly that NASA's current plan is flatly not credible.
Take out money to fill the Shuttle gap and to utilize ISS until 2020 and Constellation as planned is in train wreck status without very large NASA budget increases.