President Barack Obama recently released a list of 121 proposed program terminations and reductions, that he claims would save taxpayers $17 billion. Obama has described these program terminations as spending “cuts”. This is simply not true. Every dollar that Obama “cuts” he has immediately turned into new spending elsewhere in the budget. At least his request last month for a total of $100 million in cuts from this year’s budget were real spending cuts (all be it pitifully small ones). So this is what Obama’s fiscal responsibility record really looks like: