Time to find a new area...a new venue...
Nurses work as pharm reps, business reps, in the insurance company, home health care, travel nursing, legal assistance, MD offices, chemo clinics, dialysis clinics, blood services, community health, etc.
You can also move.
When hospitals feel that they have you over a barrel, the conditions frequently deteriorate. So even if you "survive the cuts", many times you find that you will find that you would have been better off getting the heck outta Dodge. They will attempt to cut staffing ratios and make conditions worse. Also, do you really want to work a hospital that treats its staff in this manner and will you really feel secure in that environment? I don't think so.
While we all fear/loath change, well, when G-d closes a door, he is opening a window. Something new in your life may be called for.
Also, remember, that some nurses will, for now, take their bidded positions. However, I lay odds that some of those with seniority see the writing on the wall and are looking for another position and just accepting the position for the security while they look. When they move on, well the rest will move up a notch. Also, some will not work out in their new positions.
I still think that you should consider a change of venue....in my experience, the situation that you describe usually just deteriorates more.