Layoffs and work transferred to offshore. No new software development effort. Company is in "keep lights on" mode. No new hiring in US. Only transfer of India employees on L1 visa allowed, and that too in rare and extreme cases.
There will be wave after wave of layoff coming up. Employees at staff level are just numbers. Executives level don't care anything other than their bonus.
We are all stuck in mud, waiting our day to get riffed.