[fiercekittenz] acknowledges that her large 100-watt CO2 laser cutter is great but points out that smaller or diode-based laser machines can perfectly cut fabric under the right circumstances.
Get one yard of each fabric then cut in half so that each is approximately 28-30" X 36". You'll be able to get two blankets out of it. 1 1/2 yards is a good size for children, so purchase two ...