LED1 and LED2 should be flashing alternately, with a period of ~4.6S and an 'on' time of ~2.3S. As this is not the case, check all pin connections to both 555s and ensure they are getting 5V on pins 4 and 8. If the 555s are socketed, make sure you have the ICs the right way round in the sockets.
Edit:
This probably has no bearing on your immediate problem, but one thing I don't like about that circuit is that when pin 3 of IC2 goes low, cap C6 applies a negative 5V pulse to pins 15 of the 4033s. I'm not sure they'll like that. Personally I'd clamp that pulse with a diode (anode to ground, cathode to C6/R12 top).