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The teams will never agree to a budget cap for a few reasons. Mostly, I think they all know that as soon as they implemented such a cap they'd have to overspend to keep up with everybody else's overspending.
I think that they're all going to have to voluntarily cut their budgets because it won't make sense to spend what they're spending. Or they'll keep spending what they are.
People who wave their hands above their heads yelling, 'the sky is falling, we have to cut our budgets!!!' don't realize that F1 is a business just like anything else. If costs have to be cut, they will be cut. If they haven't been cut yet, then things haven't gotten bad enough to cut them.
Incidentally, I just watched the 1994 San Marino GP - the race in whcih Ayrton Senna died. Roland Ratzenberger also died during qualifying. Not only that, but a Minardi lost a wheel in the pit lane. Since there were no pit lane speed limits at the time, the wheel charged through about three teams' pit crews. What a horrifying weekend, but I think the Speed Channel did a great job covering it.
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