Telescope design, funding, and construction is a long long process, longer than any administration, and there are some truly wonderful telescopes coming online right now.

The Nancy Grace Roman telescope is scheduled to launch in 9 days, on August 30. She was known as the Mother of the Hubble telescope, and the Roman telescope will be able to cover something like 100x the area of sky at the same detail as the Hubble. This will allow surveying a huge fraction of the sky compared to what Hubble could do. (Great video summary here https://www.youtube.com/watch?v=-EiTby2Lku8 )

The European Space Agency also launched Euclid last year, which is super focused on surveying huge amounts of the sky.

The damage being done to the US will take about a decade to fully play out. We are eating our seed corn right now, because management is a rentier who doesn't understand productive expansion of the economy through innovation. If the damage persists, we will be lapped by other nations. Europe isn't quite ready to zoom forward, but China and India are very happy to.